Bidders for Elephant Bar, which is backed by buyout firm KarpReilly, have until the end of this month to submit their offers, said US bankruptcy judge Erithe Smith, according to PeHUB.
Court documents showed that Cerberus Business Finance has already made an offer for the business.
Cerberus’ $12m credit bid includes the assumption of various liabilities including a debtor-in-possession loan, to buy Elephant Bar.
The firm has $12m remaining on its $27.4m loan to Elephant Bar and wants to use that to buy the company, said the report.
The company has also attracted interest from a number of financial and strategic buyers, a source told PeHUB.
Earlier this year Cerberus decided against participating in the IPO of Japanese railway and hotel group Seibu.
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