BALLSTON SPA, N.Y. >> Time, rainy weather and a decision by a federal bankruptcy judge to exclude the vacant Angelica building from an asset purchase agreement between private equity firm KKR and the Angelica Corporation have all conspired to create questions about the completion of remediation at the contaminated site.
On June 23, a judge approved an asset purchase agreement for the sale of all Angelica Corporation’s assets — except for the nearly 6-acre property on Bath Street and a few other properties.
“That means that the property stays with what little remains of the bankrupt entity’s estate, and its future management and sale will be directed by a creditors’ committee and a liquidation plan administrator,” said village Councilman Noah Shaw.
A hearing is scheduled for later this month, where a plan administrator will be recommended by the creditors’ committee and approved by the bankruptcy judge.
Following that hearing, the future of Angelica is uncertain.
While the news does not sound as promising as village officials had hoped, they remain optimistic that the liquidation and sale of Angelica’s remaining assets – including the Bath Street property – could proceed within as little as a few months after the plan administrator is chosen.
The Bath Street property was the site of several tannery operations between the 1880s and the 1960s. It was then purchased by Angelica Corporation, which operated it as an industrial laundry operation. The main brick building and several surrounding out-buildings have stood idle since 2010…
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