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November 26, 2007 |
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BOMBAY CO: Court OKs Sale of Corporate Headquarters for US$16MM The Honorable D. Michael Lynn of the U.S. Bankruptcy Court for the Northern District of Texas gave authority to The Bombay Company Inc. and its debtor-affiliates to sell their corporate headquarters and related assets. As reported in the Troubled Company Reporter on Nov. 12, 2007, the Debtors will sell theur corporate headquarters to Goff Capital Inc. for US$16.35 million. The property is a seven-story, 122,000-square-foot building and a parking garage at 550 Bailey Avenue in Fort Worth, Texas. In addition, Goff Capital will be assuming the unexpired leases of office spaces at the complex. The Debtor also provided adequate assurance of future performance pursuant to Section 365(f)(2) of the U.S. Bankruptcy Code, and no cure amounts are required to be paid to the office tenants pursuant to Section 365(b)(1). The Court acknowledges that the sale agreement constitutes the highest and best offer for the Bombay office complex and is appropriate to maximize the value to the Debtors' estates. About Bombay Company Basedc in Fort Worth, Texas, The Bombay Company Inc., (OTC Bulletin Board: BBAO) -- http://www.bombaycompany.com/ -- designs, sources and markets a unique line of home accessories, wall decor and furniture through 384 retail outlets and the Internet in the U.S. and internationally, including Cayman Islands. The company and five of its debtor-affiliates filed for Chapter 11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No. 07-44084). Robert D. Albergotti, Esq., John D. Penn, Esq., Ian T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone, LLP, represent the Debtors. Attorneys at Cooley, Godward, Kronish LLP act as counsel for the Official Committee of Unsecured Creditors. Forshey & Prostok LLP is the Committee's local counsel. As of May 5, 2007, the Debtors listed total assets of US$239,400,000 and total debts of US$173,400,000. |
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