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Bertucci’s Section 363 Sale Approved

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The U.S. Bankruptcy Court hearing the Bertucci’s Holdings, Inc. (together with certain subsidiaries, “the Company”) case has issued an order that approves an asset purchase agreement (“APA”) between the Company and Bertucci’s Holding, LLC (“BHLLC”) that will formalize the purchase of the Company by BHLLC in an auction held on June 4, 2018.  BHLLC,  a vehicle established for the purpose of bidding on and purchasing the assets of the Company, is a subsidiary of PHL Holdings, LLC (“PHL”). PHL is controlled by Earl Enterprises which already owns Planet Hollywood, sandwich chain Earl of Sandwich and Italian-themed restaurant chain, Buca di Beppo.

The Boston Herald quotes Robert Earl, founder of Earl Enterprises, on his acquisition of the Company, “I consider myself someone who likes to take good brands who might have lost their way a little and restore them.” Robert Earl will also bring his personal experience in managing postpetition companies, having twice brought Planet Hollywood through Chapter 11. The BHLLC acquisition of the Company, which includes 58 restaurants located in the Northeast, was something of a surprise; with BHLLC playing dark horse in an auction paced by stalking horse, Right Dough Lane Acquisition, an affiliate of private equity house Right Lane Capital. According to the APA, the purchase price included $3,050,000 in cash, payment of a “termination fee” of between $750,000 and $1 million to Right Lane Capital, a credit in respect of amounts outstanding under the Company’s D.I.P. facility (not to exceed $4 million) and the issuance by BHLLC of $13 million in second lien notes.

The acquisition, scheduled to close on June 20, 2018, is subject to certain closing conditions.

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The post Bertucci’s Section 363 Sale Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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