New Delaware Chapter 11 Filing – Garden Fresh Restaurant Intermediate Holding, LLC
Garden Fresh Restaurant Intermediate Holding, LLC, (d/b/a Souplantation) a San Diego-based restaurant chain that operates 123 Souplantation and Sweet Tomatoes restaurants in 15 states, and 4 of its subsidiaries (collectively, the “Debtors”) have filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12174). The case has been assigned to the Honorable Christopher S. Sontchi. According to the Debtors, a decline in sales and increased operating costs have, among other reasons, led to the commencement of these cases. The Debtors indicate that they have entered into a Restructuring Support Agreement (the “RSA”) with their secured lenders that contemplates a 363 sale of substantially all of the Debtors’ assets. According to the first day declaration, certain prepetition lenders have agreed to serve as a stalking horse for the Debtors’ assets and to provide DIP financing. The petition (including the consolidated list of the top 30 creditors) and the first day declaration are available through Epiq Bankruptcy Solutions, LLC.
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