New Delaware Chapter 11 Filing – Garden Fresh Restaurant Intermediate Holding, LLC

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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.

Contact Norman L. Pernick and  Nicholas J. Brannick for more information.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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