The operator of the Fox and Hound, Bailey’s Sports Grille and Champps Kitchen and Bar chains filed for Chapter 11 bankruptcy protection on Wednesday, August 10th, listing debts that significantly exceeded assets.
Last Call Guarantor LLC and at least eight affiliates (“Debtors”) filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The filing constitutes the second bankruptcy filing for chain restaurants.
According to the Petition, the Debtors have up to 49 creditors and liabilities of up to $500 million, including more than a half million owed to a food services company based out of Illinois. Assets were estimated of approximately $50 million.
In 2013, the operator of Fox and Hound and Champps restaurants sought bankruptcy protection. In 2014, a group of lenders led by distressed investor Cerberus Capital Management won bankruptcy-court approval to purchase the chains out of the original bankruptcy filing for more than $120 million, according to the Wall Street Journal.
The First Day Hearing was heard on August 12th. The Debtors are represented by the law firm of Greenberg Traurig, LLP. The case number of the lead debtor is Case No. 16-11844-KG. The bankruptcy cases are presiding before the Honorable Kevin Gross.
Carl D. Neff is a partner with the law firm of Fox Rothschild LLP. You can reach Carl at (302) 622-4272 or at email@example.com.