OCC Merchandise Files for Bankruptcy: the Beginning of the End?
OCC Holding, the parent company is not linked to the filing. GE Commercial Finance is the lender of the large glass building which became famous as of late. With GE starting foreclosure back in 2010 and Paul Teutul Senior trying to renegotiate the terms of the $12 million loan, things did not work well as 2011 saw GE taking the deed to the building.
With $1.1 mil in assets and $1.4 in liabilities, the most plausible scenario means that the building and remaining Hudson Valley Merchandising assets will be sold and the money distributed to the judgment holders according to the priority scheme established by the bankruptcy court. Remains how will OCC fare once this one cools down a bit. Or is it the beginning of the end? Tipped by Cyril Huze.