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from going out of business suffered a setback Wednesday when a judge in the retailer's bankruptcy case wouldn't let Bon-Ton pay $500,000 to help cover the possible buyer's due diligence expenses. Judge Mary F. Walrath of U.S. Bankruptcy Court in Delaware turned down the "work fee" payment request, which an attorney for Bon-Ton said was "a requirement" for an investors group that includes two mall owners to move forward from its letter of intent and make an actual bid for the company. Walrath said Bon-Ton was not paying any other bidder's fees, and that the potential joint bid by Namdar Realty Group of Great Neck, N.Y.; Washington Prime Group, of Columbus, Ohio; and New York hedge fund DW Partners was not as far along yet as those of other bidders. Other bidders in the case, including a group of creditors, want to buy all or parts of Bon-Ton and liquidate it. "We have a potential — not an actual — bidder who appears to be the preferred by the debtor," Walrath said of the investor group that includes the malls and hedge fund. She said it looked like Bon-Ton was willing to reimburse the investor group its fees "simply to get them to make a bid," according to a recording of Wednesday's court hearing. Asked Wednesday afternoon whether the judge's action put the investor group bid in jeopardy, Bon-Ton issued this statement: "We remain in active discussions with DW Partners and other members of the investor group to complete an asset purchase agreement as we proceed toward the court-supervised auction scheduled to be held on April 16, 2018." RELATED: Could mall operators help rescue Bon-Ton department stores? Bon-Ton, the parent company of Boston Store, Younkers and other department stores, filed for Chapter 11 bankruptcy protection on Feb. 4. It already has postponed the auction. It originally was slated for last Monday. In its letter of intent, the investor group said it would pay a minimum of $128 million, with an as-yet-undetermined amount added on top of that based on Bon-Ton's borrowing capacity at closing.
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