Bar Louie Del. Ch. 11 Sale Plans OK'd After Breakup Fee Trim

Law360 (February 27, 2020, 10:11 PM EST) -- Bankrupt gastropub chain Bar Louie secured a Delaware bankruptcy judge's approval for its sale procedures Thursday, after applying a $1.4 million cut to a "breakup" fee for the debtor's stalking horse in case its $82.5 million credit bid is beaten.

U.S. Bankruptcy Judge Mary F. Walrath cleared the sale order — which also eliminated a 1% expense reimbursement — during a hearing that saw final approval of a case-financing debtor-in-possession loan, assuring the availability of an additional $14 million atop the $8 million interim DIP infusion approved at the start of the case.

Bar Louie's official committee of unsecured creditors and...

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