date:Nov 20, 2013
Fresh Easy Neighbourhood Market Inc., the U.S. grocery chain owned by Tesco, cancelled its proposed auction after receiving no offers to compete with a bid from an affiliate of billionaire Ron Burkle's Yucaipa Cos.
The company will seek bankruptcy court approval on Friday to sell virtually all of its assets to the affiliate of Los Angeles-based Yucaipa, according to court documents filed Nov. 15 in Wilmington, Del.
Under the proposed deal, a Tesco affiliate would lend the Yucaipa unit $120