Bankrupt New York City live music venue and festival owner Avant Gardner has lined up a starting credit bid worth at least $110 million from lender Axar Capital Management LP.
The proposal from Axar affiliate AG Acquisition 1 LLC, meant to create a baseline for competitive bidding, includes a portion of prebankruptcy secured loans and all of the company’s pledged $45.8 million in bankruptcy financing, according to a motion to approve the sale filed Thursday in the US Bankruptcy Court for the District of Delaware.
The motion from Avant Gardner parent AGDP Holding Inc. comes after it filed for Chapter ...
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