Marsh Supermarkets says it received “qualified bids from numerous bidders” for the Fishers-based grocery chain by a 5 p.m. Wednesday deadline, though no documents were filed with the bankruptcy court.
Marsh supermarket spokesman Tom Mulligan said in a press release that the "company, its advisers and the Creditors Committee are evaluating the bids.”
According to the original bankruptcy filings, if the chain received more than one bid, an auction would occur Monday.
Other issues surfaced that may point to reluctance by buyers to help rescue Marsh out of its bankruptcy case filed in Delaware federal court.
Marsh, which is owned by Sun Capital Partners IV, filed its Chapter 11 bankruptcy listing, $70 million in debt on May 11, shuttering some low-producing stores but keeping open others.
In June 2016, Marsh Supermarkets Co. issued a promissory note to Marsh Group Finance for $24.4 million. As of the bankruptcy filing date, $25.7 million was owed on the note.
In March, Sun Capital sold a 25 percent economic interest and all voting and control rights to JT Grocery Consulting.
The Official Committee of Unsecured Creditors issued an objection to the bankruptcy filings Wednesday, saying Sun Capital was set to gain an undue profit from the potential sale of its stores.
In particular, the objection called for Sun Capital to use money from the sale to pay off debts including rent, goods delivered 20 days before and during the bankruptcy filing, obligations to employees, including under any court-approved incentive plan, taxes and a reasonable wind down of the estate.
The committee also objected to a weekly administration fee of $50,000 paid to Wells Fargo bank, N.A., that began at the time of the filing.
As part of its bankruptcy proceedings, Marsh sold its pharmacies and prescription assets in 37 stores to CVS Pharmacy and its subsidiary, Hook-SupeRx LLC. The reported inventory and prescription sale brought in $38 million.
Some of the receipts were used to pay down the note.
As part of the agreement, any sale of Marsh stores included an agreement that forbids a potential buyer from operating a prescription-issuing pharmacy for five years.
In documents filed Wednesday, CVS said it did not object to a Marsh sale as long as the buyer abides by the restrictive covenants.
The covenant was included in the form that was to be used by potential buyers in filing their court asset offers.
Also on Wednesday, objections were filed about a Marsh store at 86th Street and Ditch Road in Indianapolis. The landlord, 86th and Ditch Road Realty Co., said it is owed $158,607. The real estate firm said it was not opposed to a Marsh sale but wanted to ensure that it received the lease owed.
In another filing this week, O'Malia Investment Co. said it was owed $170,890 for the lease of the Marsh store at 4655 E. 126th St. in Carmel. O'Malia filed an objection to Marsh's claim that it owed about $77,654.
In 2001, the O'Malia chain sold its upscale markets to Marsh. However, it held on to the lease for the Carmel store.