Bankrupt Fox & Hound Gets Nod For $125M Cerberus Sale
Law360, Wilmington (February 28, 2014, 8:23 PM EST) -- Bankrupt F&H Acquisition Corp., parent of the Fox & Hound and Champps restaurant chains, won approval Friday for a $125 million sale to junior lenders led by Cerberus Business Finance LLC, after a Delaware bankruptcy judge overruled an objection to a settlement underpinning the deal.
F&H argued that the sale — conditioned on approval of a global settlement — would save 5,000 jobs and preserve the business as going concern under a strong buyer, but the U.S. trustee objected, saying the settlement violated the Bankruptcy Code by guaranteeing $500,000 to general unsecured creditors ahead of higher-priority claims
At a hearing in...
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