ARLINGTON HEIGHTS, IL— The U.S. Bankruptcy Court for the Northern District of Illinois has approved the bidding guidelines and procedures for Arlington Hospitality, Inc.’s planned Chapter 11 auction sale of substantially all of its assets. The auction is scheduled to be held on Nov. 14 at 11 a.m. central time. At that time, the company will be able to sell its assets to the qualified bidder, or bidders, submitting the highest and best acceptable and binding bids. Chanin Capital, LLC has been retained by Arlington to maximize the value of the company’s assets for all stakeholders by conducting the auction pursuant to section 363 of Chapter 11 of the U.S. Bankruptcy Code. Arlington and nearly all of its remaining wholly owned subsidiaries originally filed a voluntary petition for reorganization under Chapter 11 during this past summer.
