ITT Educational trustee wins approval of $1.48 million property sale

By Caroline Salls

Pittsburgh, March 26 – ITT Educational Services, Inc. Chapter 7 trustee Deborah J. Caruso received court approval of the $1.48 million sale of ITT property located in Greenfield, Wis., to Milwaukee Area Joint Apprenticeship & Training Committee for the Electrical Industry, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Indiana.

The purchase price includes $1.25 million for the real estate and $225,000 for related personal property.

Stalking horse bidder Winston Properties, LLC was designated to serve as the back-up bidder, with a final offer of $1.46 million.

Under the court-approved bid procedures, if Winston is not the winning bidder, ITT will reimburse the lesser of $30,000 and Winston’s out-of-pocket costs for due diligence and legal fees.

ITT Educational Services provided postsecondary degree programs and is based in Carmel, Ind. The company filed for bankruptcy on Sept. 16, 2016 under Chapter 7 case number 16-07207.

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