C-Bass continues search for bankruptcy buyer
Bankrupt mortgage investor Credit-Based Asset Servicing and Securitization won permission to seek higher bids for its collateral-management business this week.
Bankrupt mortgage investor Credit-Based Asset Servicing and Securitization won permission to seek higher bids for its collateral-management business this week.
U.S. Bankruptcy Judge Allan Gropper approved the deal on Monday, which would allow C-BASS to seek bidders against its existing $2.4 million offer from Fortress Investment Group.
In addition, C-BASS' bankruptcy attorney Peter Partee told Bloomberg that a break-up fee of $100,000 and expense reimbursement would also likely be part of the deal. Since FIG's November 9 offering, no other buyers have emerged as potential buyers.
Since its bankruptcy filing, the mortgage investor has been using collateral to pay off senior loans, which have been reduced from $1.9 billion to $170 million over the course of the reorganization, the news source says.
The company's remaining collateral consists of mortgage-backed securities, loans, as well as intellectual property and its collateral-management business.
The new ruling also mandates all offers for the latter be received before the end of the year, with the formal auction to be held on January 10.
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