Logan's Roadhouse Parent Opens Ch. 11 With Sale Plan

Law360 (March 3, 2020, 9:29 AM EST) -- Logan's Roadhouse owner Craftworks filed for Chapter 11 in Delaware early Tuesday, carrying $235.4 million in debt and aiming to market the 39-state, multiname restaurant and brewery business in a plan that would see its top secured lender serving as stalking horse bidder.

Craftworks Parent LLC and 35 affiliates, including the company's Logan's, Old Chicago Pizza & Taproom and Rock Bottom Restaurant & Brewery subsidiaries, opened the case with a $23 million debtor-in-possession loan already lined up, funded by stalking horse Fortress Credit Co. LLC.

In an early announcement, Craftworks reported that its bidder-to-beat agreement with Fortress would provide total consideration...

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