Lucky’s Market creditors committee objects to asset sale procedures

By Caroline Salls

Pittsburgh, Feb. 12 – Lucky’s Market Parent Co., LLC’s official committee of unsecured creditors objected to the company’s motion for approval of the bid procedures for the proposed sale of its assets, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

“The committee supports the sale of the debtors’ assets through a fair and reasonable competitive process that maximizes value for the debtors’ estates and their creditors,” the objection said.

“However, as presently proposed, the bidding procedures and stalking horse sales will not achieve that goal but in fact may significantly stifle bidding.”

Specifically, the committee said the procedures, as currently proposed, contain excessive and unwarranted bid protections and other overly restrictive provisions.

The creditor group said these procedures will “only serve to discourage bidding rather than create the even playing field necessary to foster maximum participation and competitive bidding by interested parties to maximize value for the estates.”

Lucky’s is a Niwot, Colo.-based supermarket operator. The company filed bankruptcy on Jan. 27 under Chapter 11 case number 20-10166.

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