Judge OKs Financing, Auction Date For Greenbrier

By: Associated Press
By: Associated Press

Richmond, VA (AP) -- A federal bankruptcy judge has approved debtor-in-possession financing and auction procedures for the sale of West Virginia's historic Greenbrier Resort.

The Greenbrier, which is owned by railroad company CSX, filed for chapter 11 bankruptcy protection last month.

At the time, it announced plans to sell itself to hotel giant Marriott International inc. for up to $130 million.

Other interested parties may also make bids for the resort.

During a hearing in Richmond on Wednesday, Judge Kevin R. Huennekens gave final approval of $19 million in dip financing from CSX.

He also set a June 12 auction date and June 17 sale hearing for the resort.

The Greenbrier also received permission to make severance and retention payments to specific nonunion employees.

(Copyright 2009 by the Associated Press. All rights reserved.)

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