On her The Bottom Line 11 blog, Fox partner Mette Kurth discussed the recent bankruptcy filing of Italian restaurant chain owner and operator Bertucci’s Corporation:
Company Overview
Bertucci’s was formerly known as NE Restaurant Company, Inc. It changed its name to Bertucci’s Corporation in August 2001. Founded in 1981, the company is based in Northborough, MA. Today Bertucci’s owns and operates a chain of 59 casual dining Italian restaurants in the Northeast and Mid-Atlantic.
A Bankruptcy Sale
The filing sets up a process to sell the company to Right Lane Dough Acquisition, LLC (an affiliate of Right Lane Capital) or an overbidder. The proposed purchase price is $1.7 million in cash and a “credit bid” of up to $4 million. In addition, the buyer will provide the company with exit financing in the form of $14 million in new second lien notes.
To read Mette’s full viewpoint on the filing, please visit her blog.