Cadence Innovation eyes $1.7 million property sale

By Jennifer Lanning Drey

Savannah, Ga., June 24 - Cadence Innovation LLC requested court approval of the proposed $1.7 million sale of one of its industrial buildings in Fraser, Mich., according to a June 23 filing with the U.S. Bankruptcy Court for the District of Delaware.

The proposed purchaser is FIS (MI) LLC.

Cadence is also seeking court approval to pay a broker commission of 2% of the purchase price to Capitani, which it said acted as a real estate broker.

The company said it had not solicited competing bids for the property, but it was extensively marketed.

Accordingly, Cadence is seeking approval of the sale without holding an auction unless a competitive bid is submitted before the sale hearing.

The sale hearing is scheduled for July 18.

FIS (MI) paid a $15,000 deposit.

Cadence, a Troy, Mich.-based auto parts supplier, filed for bankruptcy on Aug. 26, 2008. Its Chapter 11 case number is 08-11973.

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