Ruby Tuesday's Ch. 11 Plan OK'd After $6M Deal

Law360 (February 11, 2021, 7:14 PM EST) -- A Delaware bankruptcy judge agreed to confirm casual dining chain Ruby Tuesday's Chapter 11 plan on Thursday after the debtor outlined a settlement with the official committee of unsecured creditors that guarantees a recovery pool of at least $6 million.

During a hearing held virtually, debtor attorney Richard M. Pachulski of Pachulski Stang Ziehl & Jones LLP said the parties had been negotiating until the beginning of the hearing on a deal that will allow for a $2 million distribution soon after the effective date of the plan, along with another $1 million within a year.

The unsecured creditors will also...

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