<p> Fresh & Easy Neighborhood Market has won court approval to sell virtually all of its assets to an affiliate of supermarket mogul Ron Burkle’s Yucaipa Cos. U.S. Bankruptcy Judge Kevin J. Carey approved the sale in Wilmington, Delaware, according to Bloomberg News.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> This is following the recent cancellation of the company’s proposed auction after no other offers were made to compete with Yucaipa’s bid.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> “All objections to the sale have been resolved,” Lisa Laukitis, a lawyer for the company, told the judge. “Consideration to be received is substantial and fair.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> Under the proposed deal, a Tesco affiliate would lend the Yucaipa unit $120 million to help fund the acquisition, according to court papers. Tesco would get warrants to buy as much as 10% of the equity in the reorganized chain, while Fresh & Easy will receive 22.5% of the equity in the reorganized chain. The Yucaipa buyer also offered to take on some of the supermarket chain’s liabilities, valued at about $130 million in court papers.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> In late September, the company sought bankruptcy protection listing nearly $1 billion in debt in nearly $500 million in assets.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> Stay tuned to AndNowUKnow as we follow the Fresh & Easy transition.</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href=" http://www.bloomberg.com/news/2013-11-22/tesco-s-fresh-easy-wins-approval-of-yucaipa-unit-sale.html" target="_new"> Fresh & Easy Sale Approval </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
