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Bertucci’s Holdings Sale Stipulation

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The U.S. Bankruptcy Court issued approved a stipulation authorizing Bertucci’s Holdings to (i) incur postpetition debt, (ii) provide adequate protection, (iii) use cash collateral and (iv) grant certain liens and provide security and other relief to prepetition secured lenders. The order states, “On June 4, 2018, the Debtors conducted an auction in accordance with the Bid Procedures Order and…Bertucci’s Holding, LLC (‘Buyer’), a wholly-owned subsidiary of PHL Holdings, LLC (‘PHL’), a Florida limited liability company, was determined at the auction to be the Successful Bidder…the Stated Maturity Date of the Existing Loan is May 31, 2018, and as of the date hereof the Debtors have not drawn any amounts under the Existing DIP Loan Documents…the selection of Buyer as the Successful Bidder…permits the Stalking Horse Bidder to terminate the Stalking Horse APA and permits the Existing DIP Lender to terminate the Existing DIP Loan Documents, Whereas, in connection with its Successful Bid…PHL has agreed to perform all obligations and receive all benefits under the Final DIP.”

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