<p> Tesco’s Fresh & Easy Neighborhood Market has canceled its proposed auction to sell its assets after no offers were made to compete with Yucaipa’s bid for the company.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> On Friday, November 22, the retail chain will seek bankruptcy court approval to sell virtually all of its assets to supermarket mogul Ron Burkle’s Yucaipa Cos.<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. Fresh & Easy would get 22.5% of the equity in the reorganized chain if the Yucaipa’s affiliate’s offer prevails, according to Bloomberg.<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 and 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/2013-11-18/tesco-s-fresh-easy-gets-no-bids-to-compete-with-yucaipa.html" target="_new"> Bloomberg </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
