» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 127 | NO. 61 | Wednesday, March 28, 2012

BGC Gets Court OK on Grubb & Ellis Acquisition

AP

Print | Front Page | Email this story | Comments ()

NEW YORK (AP) BGC Partners Inc. said Tuesday that it has received bankruptcy court approval for its acquisition of Grubb & Ellis Co. and plans to complete the buyout shortly.

Last month Grubb & Ellis said that it sought bankruptcy protection as part of a deal to sell most of its assets to BGC, which is the parent of rival commercial real estate services company Newmark Knight Frank.

The deal had required approval from the U.S. Bankruptcy Court for the Southern District of New York as part of Grubb & Ellis' Chapter 11 bankruptcy process.

Grubb & Ellis attempted to restructure its operations a year ago by launching a process aimed at divesting itself of non-core businesses, including NNN Realty Advisors and its Alesco Global Advisors mutual fund operation.

It also sought out new financing sources for its remaining operations, while putting out feelers to sell some or all of its operations. But the company failed to reach a deal that could be done outside of bankruptcy protection.

BGC, which is based in New York, had agreed to provide up to $4.8 million in financing to keep Grubb & Ellis operating while in bankruptcy.

"The addition of Grubb & Ellis will dramatically increase our footprint and expand our business lines," James Kuhn, president of Newmark Knight Frank, said in a statement.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 74 312 15,378
MORTGAGES 125 389 20,168
FORECLOSURE NOTICES 23 109 3,995
BUILDING PERMITS 431 872 36,714
BANKRUPTCIES 54 232 14,575
BUSINESS LICENSES 9 64 5,193
UTILITY CONNECTIONS 71 312 22,129
MARRIAGE LICENSES 10 83 4,746

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.