Kettle Moraine is sole bidder for Feith Family YMCA in Port Washington, auction cancelled
MILWAUKEE (WITI) — The YMCA of Metropolitan Milwaukee announced that as of Monday’s 5:00 p.m. deadline, no new qualified bidders have met the requirements to participate in the court-appointed auction of the Southwest, Tri-County, West Suburban and Feith Family YMCAs. No bids received after the deadline will be considered, and the September 29th auction will be cancelled.
A court hearing is scheduled for September 30th to consider approval of the existing offer to purchase the Southwest, Tri-County and West Suburban Y’s by the YMCA of Central Waukesha County and the existing offer to purchase the Feith Family Y by the Kettle Moraine YMCA.
Following court approval, those transactions are expected to close on or before October 15th.
“This process has reaffirmed that the offers from the Waukesha and Kettle Moraine Y’s represent the fair value of these properties,” said Julie Tolan, president and CEO of the YMCA of Metropolitan Milwaukee. “We are grateful that kids, families and seniors at these facilities will all continue to enjoy their Y, and the community programming, outreach, scholarship and other factors that make the Y unique will be preserved. Equally as important, the offers to purchase these facilities both contain agreements to retain substantially all employees as well as agreements to honor all membership contracts. We look forward to completing these transactions – the proceeds of which will be used to pay down our debt – and to continuing our efforts to reemerge from Chapter 11 a stronger, more focused, financially-viable Y.”
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