Linens 'n Things granted court approval of bid procedures for selection of going-out-of-business sale agent

By Jennifer Lanning Drey

Portland, Ore., May 27 - Linens Holdings Co. was granted court approval of the bid protections offered to Tiger Capital Group, LLC and SB Capital Group, LLC as the liquidating agent stalking horse bid in connection with Linens' proposed going-out-of-business sales, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

If the stalking horse bid is not the high bid at the May 27 auction, Linens will pay Tiger Capital and SB Capital a $1.5 million break-up fee.

Linens 'n Things, a Clifton, N.J., home furnishings specialty retailer, filed for bankruptcy on May 2. Its Chapter 11 case number is 08-10832.

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