Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Garden Fresh Restaurants Holdings Chapter 11 Petition Filed

0
0

Privately-held Garden Fresh Restaurants Holdings and four affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 16-12174 (Garden Fresh Restaurant Intermediate Holding).

The Company, which operates restaurants under the names Souplantation and Sweet Tomatoes, is represented by Michael R. Nestor of Young Conaway Stargatt & Taylor. The Company announced that it has reached an agreement with its lenders to restructure its Company’s debt. Under terms of the agreement, the Company will significantly reduce debt obligations and improve its financial structure. The Company also plans to close between 20 and 30 underperforming restaurants to strengthen its financial position, pending Court approval.

Garden Fresh Restaurants Holdings has received commitments for debtor-in-possession financing from second lien lenders to fund post-petition operating expenses, including its obligations to employees and suppliers. The Company expects to emerge from Chapter 11 protection by December 5, 2016. Garden Fresh Restaurants Holdings’ Chapter 11 petition indicates total assets greater than $100 million.

As a point of reference, the list below indicates the largest public company restaurant industry bankruptcies filed with the U.S. Bankruptcy Court.

restaurant bankruptcies

Additional information on each of these bankruptcies can be found at BankruptcyData.

 

The post Garden Fresh Restaurants Holdings Chapter 11 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images