Attorney Larry Young with York-based CGA Law Firm said there was an expectation that the deal would close by late last week after Chief Judge Mary France of the U.S. Bankruptcy Court for the Middle District of Pennsylvania gave her approval to an $885,000 asset sales price and proposed lease agreement for Wolfgang real estate.
However, that did not happen, and then M&T Bank requested the buyer confirm that it still intended to close by Aug. 29, as the agreement formally calls for, he said.
The response from Divine Serendipity was a request to postpone until Sept. 7, Young said.
At that point, the bank appeared to be running out of patience, Young said. As of late this evening, negotiations were continuing, including with a newly proposed closing date of Aug. 31, he said.
There is time reserved before the bankruptcy court Wednesday if the sides cannot reach a favorable agreement, Young said this evening.