ITT Educational wins approval of $6.63 million in real estate sales

By Caroline Salls

Pittsburgh, Feb. 10 – ITT Educational Services, Inc.’s Chapter 7 trustee received court approval to sell the company’s Nashville, Tenn., and Newburgh, Ind., real estate, according to orders filed Friday with the U.S. Bankruptcy Court for the Southern District of Indiana.

The State of Tennessee has agreed to purchase the Nashville property for $5.53 million. Stalking horse bidder Donelson Investment Partners, LLC’s $5.5 million final offer will serve as the back-up bid.

Meanwhile, Noe Properties, LLC will purchase the Newburgh real estate for $1.15 million. No other qualified bids were received for that property, according to the order.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.