Bankrupt

Spicy Pickle defaults on loans

Submitted by admin on Sun, 02/19/2012 - 11:11am

Denver CO – February 19, 2012 (www.hospitalitybusinessnews.com) According to SEC filings, on February 2, 2012, Lenders to Spicy Pickle gave the company notice of the occurrence of an event of default under its promissory notes secured by all of the company’s assets and declared that the entire unpaid principal balance of the notes and all accrued and unpaid interest thereon was immediately due and payable.  

Fitch Revises Outlook to Negative on 3 U.S. Hub Airports After AMR Bankruptcy

Submitted by admin on Sat, 12/03/2011 - 9:52am

Fitch Ratings-New York-02 December 2011(www.hospitalitybusinessnews.com)  AMR Corp.'s (AMR) filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code poses only minor immediate risks to most general airport revenue bonds, according to Fitch Ratings.

AMR is the parent corporation for American Airlines, Inc. (American).

However, credit concerns do exist for individual airports, particularly facilities where American operates major connecting hubs.

Perkins & Marie Callender's Inc. Emerges from Chapter 11 Bankruptcy

Submitted by admin on Thu, 12/01/2011 - 7:47pm

MEMPHIS, Tenn., Nov.

Sbarro, Inc. Completes Reorganization and Successfully Emerges from Chapter 11

Submitted by admin on Mon, 11/28/2011 - 7:17pm

MELVILLE, N.Y.-- (www.hospitalitybusinessnews.com) --Sbarro, Inc., along with its domestic subsidiaries, announced today that its Plan of Reorganization has become effective and the Company has successfully emerged from Chapter 11 with significantly reduced debt and a new $35 million capital infusion.

Court Approves Sale of Giordano’s Enterprises, Inc. to VPC Pizza Holdings

Submitted by admin on Sat, 11/19/2011 - 6:24am

CHICAGO-- (www.hospitalitybusinessnews.com) --VPC Pizza Holdings, LLC, a Delaware limited liability company formed by Victory Park Capital (VPC), a Chicago-based distressed private debt and equity investment firm, today announced that the U.S. Bankruptcy Court for the Northern District of Illinois has granted an order approving the sale of substantially all of Giordano’s Enterprises, Inc.’s assets, business and goodwill out of bankruptcy in a Section 363 purchase.

Giordano’s Announces Selection of Stalking Horse for Restaurant Assets

Submitted by HBN on Thu, 10/20/2011 - 6:12pm

CHICAGO--(www.hospitalitybusinessnews.com)--On October 19, 2011, Philip V. Martino, Chapter 11 Trustee for Giordano’s Enterprises, Inc. and affiliated debtors (collectively, the “Debtors”), filed a motion with the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division, seeking Bankruptcy Court approval to select Giordano’s Holding Company LLC (“GHC”), a company managed by the Italian Food Network LLC, as the stalking horse to purchase the Debtors’ restaurant assets for $26 million.

Trump Agrees to Pay $170 Million for Doral Golf Resort

Submitted by HBN on Wed, 10/12/2011 - 7:05pm

Oct. 12 (www.hospitalitybusinessnews.com) – According to Bloomberg, Donald Trump has agreed to pay $170 million for Miami’s Doral Golf Resort & Spa, a luxury property put into bankruptcy earlier this year by hedge fund Paulson & Co. and Winthrop Realty Trust.

Winthrop Chief Executive Officer, Michael Ashner told Bloomberg that “the transaction probably will be completed in the first quarter of next year.”

“They pushed hard to get the deal done” said Ashner

The agreement is expected to be filed in bankruptcy court next week.

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