Bankrupt retailer finds buyer
Montana’s largest independent retailer has a buyer, if the Federal Bankruptcy court approves a sale agreement.
In court records filed yesterday, the bankruptcy trustee for Vann’s says he has a deal to sell the company for 4.5 million dollars.
The buyer is identified as McMagic Partners, a Texas company headed by Ross Khaledi.
According to the court filing, the bankruptcy trustee is asking the court to authorize the sale of all... Or substantially all of the assets held by Vann’s and approve the asset purchase agreement with Khaledi's company... Free and clear of all liens. Proceeds from the sale would be paid out to secured creditors GE Commercial Distribution Finance and First Interstate Bank.
In requesting approval of the sale, the trustee claims it would be in the best interest of creditors, while providing the best chance for maintaining operations and preserving jobs.