The high bid in a bankruptcy auction Tuesday for Renault Winery Resort and Golf came from the property’s mortgagee, OceanFirst Bank, which made a $3.36 million credit bid on the still-open resort, an attorney for Renault said.
A hearing for a federal judge to approve a sale is scheduled for Thursday in Camden.
Secured lenders such as OceanFirst often bid the amount they’re owed under a loan, as opposed to bidding cash, when their collateral hits the auction block. The Toms River-based bank obtained a mortgage foreclosure judgment against Renault last summer. The property was on the verge of going to a sheriff’s sale before the 150-year-old vineyard filed for Chapter 11 bankruptcy protection in November.
Entire article at
http://www.pressofatlanticcity.com/business/bank-high-bidder-in-renault-bankruptcy-auction/article_2f752772-6174-11e5-b95a-4f99bd7420ee.html
9/24/15
http://www.pressofatlanticcity.com/business/renault-winery-sale-set-to-close-oct/article_da41053a-6305-11e5-9be4-ff02ff5aaf4a.html
Secured lenders such as OceanFirst often bid the amount they’re owed under a loan, as opposed to bidding cash, when their collateral hits the auction block. The Toms River-based bank obtained a mortgage foreclosure judgment against Renault last summer. The property was on the verge of going to a sheriff’s sale before the 150-year-old vineyard filed for Chapter 11 bankruptcy protection in November.
Entire article at
http://www.pressofatlanticcity.com/business/bank-high-bidder-in-renault-bankruptcy-auction/article_2f752772-6174-11e5-b95a-4f99bd7420ee.html
9/24/15
http://www.pressofatlanticcity.com/business/renault-winery-sale-set-to-close-oct/article_da41053a-6305-11e5-9be4-ff02ff5aaf4a.html
No comments:
Post a Comment