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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!