Residential rental website operator RentPath LLC canceled a March 31 bankruptcy auction for its assets after receiving no offers to top the initial $587.5 million “stalking horse bid” submitted by competitor CoStar Group Inc.
The sale is contemplated as a key part of RentPath’s reorganization plan, the company said in a disclosure statement filed March 12 in support of the plan.
Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware is expected to conduct a hearing to approve the sale and RentPath’s disclosure statement June 9.
The plan is the product of a pre-bankruptcy settlement ...
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