Perkins & Marie Callender's Gets Final OK On DIP Loan

Law360, Wilmington (September 11, 2019, 6:01 PM EDT) -- A Delaware bankruptcy judge on Wednesday approved bankrupt restaurant chain Perkins & Marie Callender's LLC's  $7.75 million Chapter 11 financing, which includes terms by which unsecured creditors are set to receive $800,000 and proceeds from the sale of certain assets.

At a hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross signed off on an order finalizing the debtor-in-possession financing, which is being administered by Bank of America NA, as Perkins & Marie Callender’s moves forward with plans to sell its assets, with stalking horse offers worth roughly $50 million in place.

Debtors’ attorney Scott L. Alberino of Akin Gump Strauss Hauer &...

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