Bar Louie Set For Ch. 11 Sale To Lenders, Auction Called Off

Law360 (March 27, 2020, 8:28 PM EDT) -- Gastropub chain Bar Louie told the Delaware bankruptcy court Friday it is canceling a planned Chapter 11 auction and moving forward with the sale of its assets to secured lenders that served as its stalking horse bidder, saying no other qualified buyers came forward.

In a notice calling off an auction scheduled for Monday, Bar Louie parent BL Restaurants Holding LLC said no other qualified bids were submitted as of Thursday's deadline, so it will seek approval of the stalking horse offer at a hearing planned for April 7.

Last month, U.S. Bankruptcy Judge Mary F. Walrath approved sale procedures in...

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