Perkins & Marie Callender's Liquidation Plan Approved

Law360, Wilmington (January 14, 2020, 8:08 PM EST) -- The Chapter 11 plan of liquidation of former restaurant chain franchisor Perkins & Marie Callender's received court approval Tuesday in Delaware, with a bankruptcy judge lauding the success of the case that resulted in asset sales garnering more than $70 million for the estate.

During a confirmation hearing in Wilmington, debtor attorney Daniel J. DeFranceschi of Richards Layton & Finger PA said the plan embodied a global settlement among Perkins & Marie Callender's, the official committee of unsecured creditors and prepetition secured lenders, which was made possible by the successful sale transactions.

Under the terms of the deal, a recovery fund...

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