Sushi Chain Gets Court OK For $2M Ch. 11 Sale Plan
Law360 (July 15, 2020, 7:43 PM EDT) -- A Delaware bankruptcy judge on Wednesday approved West Coast sushi chain Sustainable Restaurant Holdings' $2 million asset sale bankruptcy plan, over the objections of the company's recently fired CEO.
At a telephonic hearing, U.S. Bankruptcy Judge John Dorsey overrode former CEO Kristofor Lofgren's objections to the sale process and the plan's liability releases, saying the going concern sale was "fair and reasonable" considering the impact of the COVID-19 pandemic on the restaurant industry.
"I think the result here is outstanding for the debtors and everyone else involved in the case," he said.
Sustainable filed for Chapter 11 in May, saying the...
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