Northwest granted court approval of $31.46 million sale to Ashford

By Caroline Salls

Pittsburgh, Aug. 25 – The Northwest Co., LLC obtained court approval to sell its assets to Ashford Textiles, LLC and Ashford Partners LLC, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

The Ashford entities have agreed to pay $31.46 million for the assets, including $24 million in cash and $7.46 million for payment of cure costs.

As previously reported, Cathay Home, Inc. was the stalking horse bidder, agreeing to pay $27.96 million for the assets, including a $20.5 million purchase price payable in cash at closing and payment of $7.46 million in assigned contract cure amounts.

Cathay was initially deemed the winning bidder following the auction, with Ashford Textiles and Ashford Partners designated as backup bidders.

Northwest is a Roslyn, N.Y.-based branded home textiles company. The company filed bankruptcy on April 18 under Chapter 11 case number 20-10990.

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