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RM Holdco – Court Approves Sale to Z Capital Group for $46.75 million

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September 28, 2018 – The Court hearing the RM Holdco case approved the sale of substantially all of the Debtors’ assets to FM Restaurants (PT) LLC, an affiliate of Z Capital Group [Docket No. 288]. As previously reported [Docket No. 15], “On July 20, 2018, the Debtors and their advisors conducted a live, telephonic auction for the position of stalking horse bidder (the ‘Stalking Horse Auction’), in which two of the three potential bidders chose to participate. The Stalking Horse Auction resulted in a bid offering a headline purchase price of $46.75 Million, representing an increase in purchase price of $8.75 Million, or 23%, over the highest opening round bid. That bid was submitted by Z Capital….The Debtors’ advisors concluded that Z Capital’s bid was superior because it offered an additional $2 Million in cash consideration over what was offered by the next highest bidder, was otherwise reasonably comparable in terms to the alternative proposal, and offered a consensual path forward for debtor-in-possession financing (‘DIP Financing’) and use of cash collateral.”

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