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Ignite Restaurant Bankruptcy Objection Filed

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Brixmor Property Group filed with the U.S. Bankruptcy Court an objection to the Debtors’ emergency motion for an order authorizing and scheduling an auction at which the Debtors will solicit the highest or best bid for the sale of substantially all of the Debtors’ assets; approving bidding procedures related to conduct of auction; approving a break-up fee, the proposed sale of the Debtors’ assets, the auction and the sale hearing and approving the sale of the assets to the party submitting the highest or best bid.

The objection asserts, “While Brixmor does not generally object to a sale of the Debtor’s assets to maximize the value of the estate for the benefit of all creditors, including Brixmor, Brixmor does object to any proposed assumption and assignment of the BRE Lease unless Debtor and/or any proposed assignee complies with all of the requirements of Sections 365 of the Bankruptcy Code. Absent the ability, or willingness, of the Debtor and a proposed assignee to satisfy said requirements, any proposed assumption and assignment to the eventual buyer (the ‘Buyer’) or any other successful bidder must be denied. In addition, the amount set forth in the Notice for the Cure of the BRE Lease does not accurately reflect the total amount owing under the Lease, and does not provide for the payment of certain accruing charges under the Lease.”

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