March 30, 2017 / 6:55 PM / 3 years ago

Court approves stalking horse bid for Trump Tower in Toronto

TORONTO, March 30 (Reuters) - An Ontario court judge on Thursday approved the sale of a downtown Toronto hotel and condominium high-rise bearing U.S. President Donald Trump’s name to the tower’s main debt holder, according to documents posted on the receiver’s website.

The court-run sale of Trump International Hotel & Tower had received no bids apart from a stalking horse offer of C$298 million by JCF Capital ULC, which bought the C$301 million ($226.11 million) owed on the tower’s construction loan last fall.

The court process only indirectly involves Trump, whose sprawling business empire licenses its brand and manages the Toronto property on behalf of the developer, Talon International Inc.

Representatives for JCF and Talon could not be immediately reached for comment.

$1 = 1.3312 Canadian dollars Reporting by Solarina Ho; Editing by Richard Chang

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