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Bankrupt Lucky’s Market Cleared for Asset Auctions in March

Feb. 19, 2020, 9:19 PM

Bankrupt organic grocery store Lucky’s Market has won court approval to move forward with plans to sell its stores in a “global auction” scheduled for next month.

Judge John T. Dorsey of the U.S. Bankruptcy Court for the District of Delaware agreed Wednesday to bidding procedures for the stores for a March 26 auction. He also dismissed some creditors’ objections and accepted modified bid terms at the hearing.

Some of the proposed terms—like allowing a stalking horse to top a final competitive bid after the auction close—would chill competitive bidding, Dorsey said.

The company has six separate initial bidders, known ...