Bertucci’s and nine affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case 18-10894 (Bertucci’s Holdings).
The Company, which operates Italian-them based casual restaurants, is represented by Adam G. Landis of Landis Roth & Cobb. The Company announced that it initiated bankruptcy with a an asset purchase agreement for the sale of substantially all assets and the assumption of certain liabilities, subject to higher or otherwise better offers. Right Lane Dough Acquisitions will serve as the stalking horse bidder.
Bertucci’s notes, “The transaction is intended to maximize value for all stakeholders through a fair, open Bankruptcy Court-approved sale process in which Bertucci’s will consider all bids for a sale or restructuring of the company.”
Brian Wright, C.E.O., comments, “Today’s filing is expected to be seamless for Bertucci’s guests, trading partners and vendors, and result in minimal disruption to its operations, allowing us to strengthen the company’s financial structure and position it for significant future growth.”
Read more Bertucci’s bankruptcy news.