ITT Educational trustee seeks OK of $1.15 million Ohio property sale

By Caroline Salls

Pittsburgh, Dec. 6 – ITT Educational Services, Inc.’s Chapter 7 trustee requested court approval of the proposed $1.15 million sale of the company’s Maumee, Ohio, real estate to Midland Agency of Northwest, Ohio, Inc., according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Indiana.

Midland Agency’s offer is subject to the receipt of higher bids through a court-supervised process.

Chapter 7 trustee Deborah J. Caruso said the due diligence period for the stalking horse bidder is Jan. 14.

Caruso asked the court to schedule the sale hearing for Jan. 30, giving her time to continue soliciting bids, with an anticipated bid deadline of Jan. 23.

An auction would be held on Jan. 27, if necessary.

ITT Educational Services provided postsecondary degree programs and is based in Carmel, Ind. The company filed for bankruptcy on Sept. 16 under Chapter 7 case number 16-07207.

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