Saturday, February 24, 2018
Business

Bankruptcy ruling may slightly delay Channelside sale

TAMPA

Ruling may delay sale of Channelside plaza

A federal bankruptcy judge in Delaware has made a ruling that could affect the timing of the Channelside Bay Plaza sale, but it should not derail it.

Earlier this month, the Tampa Port Authority agreed to settle its lawsuit with the Irish Bank Resolution Corp. by buying the retail complex for $5.75 million from the Irish bank.

But the IBRC also applied for Chapter 15 protection of its U.S. assets, a filing that gives a foreign entity the same bankruptcy protection that U.S. corporations can seek in this country. A judge provisionally granted the request Monday.

That means the Channelside sale now falls under the jurisdiction of the bankruptcy court, but the port anticipates it will delay the sale only a few weeks.

Once any objections to the sale are disposed of in federal court, the port and the bank need the approval of a Hillsborough Circuit Court judge to finalize the deal.

Times staff

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