BridgeSpan assets for sale
February 12, 2004
Mortgage technology, title insurance license on the block
Frisco, Texas-based BridgeSpan and its California-based title company are for sale.
The two companies are "soliciting proposals for the purchase of their respective assets and operations either, in whole, or in part," according to a company statement.
Both corporations filed Chapter 11 bankruptcy late last month the U.S. Bankruptcy Court, Northern District of California in San Jose.
The title company assets are for sale, but the title company itself is an asset of the parent company's bankruptcy, the corporate stated.
The companies intend to review written offers received by Feb. 20, 2004, then select the best offer or offers and seek court approval for the sale of assets. Offers may be tendered to CFO Lynelle Dahn. All the assets of the two companies will be sold to the highest bidders upon court approval. The sale of the California title insurance license will require approval of the California Department of Insurance.
BridgeSpan CEO Larry Walker resigned from the company Feb. 5, although the effective date of the resignation was not announced.
Copyright: Inman News Features