Law360 reports that Bar Louie secured approval for its sale procedures on Thursday, February 27, 2020. Judge Mary Walrath of the United States Bankruptcy Court for the District of Delaware approved the sale procedures after cutting the stalking horse bidder’s breakup fee by $1.4 million and eliminating a 1% reimbursement fee intended to be paid to the stalking horse. The bidding deadline for the company’s assets is March 26, 2020, with a sale hearing to follow on April 7, 2020. [Law360; Feb. 27, 2020]
After being placed into an involuntary chapter 11 bankruptcy in January of 2020, Tough Mudder LLC will be sold to Spartan Race Inc. for $700,000.00, reports Bloomberg News. Spartan will reportedly assume as much as $10 million of Tough Mudder’s outstanding liabilities. [Bloomberg; Feb. 25, 2020]
Restaurants Unlimited Inc.’s chapter 11 bankruptcy plan was approved on February 25, 2020 after Judge John Dorsey of United States Bankruptcy Court for the District of Delaware reined in the plan’s exculpation provisions to cover only estate fiduciaries for conduct that occurred during the course of the bankruptcy proceeding, per Law360. [Law360; Feb. 25, 2020]
Fast casual restaurant chain Cosi, Inc. has filed for chapter 11 bankruptcy for the second time since 2016, reports the Wall Street Journal. Cosi will look to focus on increasing its catering business, which has outperformed its in-store sales since 2010. [WSJ; Feb. 24, 2020]