Bloomberg reported the former owner of Fox & Hound and Champps casual dining restaurants wants a 90-day extension of its exclusive right to propose a Chapter 11 plan. Lender Cerberus Business Finance LLC bought the business in March without an auction.
According to the Bloomberg story, the company began bankruptcy with approximately 101 stores in 27 states. In connection with the sale, some 70 restaurant locations were given over to Cerberus.
The company said it had about $119 million of debt, including approximately $68.4 million owing on a first-lien loan with General Electric Capital Corp. as agent, $39.8 million owing on a second-lien loan with Cerberus as agent, and $11.2 million in unsecured debt.
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