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 ...