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The court approved the sale of substantially all assets to BLH Acquisition Co., LLC free and clear of liens, claims, interests, and encumbrances under the January 26, 2020 asset purchase agreement. The APA economics included an $82.5 million credit bid, a 3% breakup fee, and expense reimbursement capped at 1% of the credit bid; the disclosure statement later reported that the sale closed on May 30, 2020. That moved the operating Bar Louie platform out of the estate and left the Chapter 11 cases focused on remaining assets, liquor-license proceeds, causes of action, settlements, and claims reconciliation source filing source filing.
The court confirmed the amended liquidating plan on April 21, 2021, and the plan became effective on May 7, 2021. The plan installed a Plan Administrator for the wind-down and a GUC Trust to resolve disputed general unsecured claims and distribute GUC Trust assets. The disclosure statement estimated roughly $38.8 million of general unsecured claims with 2% to 5% recoveries, while $27.5 million of prepetition second-lien claims received 0% under a settlement release structure and equity interests received no distribution. Administrative claims and rejection-damage claims tied to rejected contracts or leases were due June 6, 2021; final professional fee applications were due June 21, 2021 source filing source filing.
BL Restaurants Holding, LLC, the parent of the Bar Louie gastrobar chain, filed Chapter 11 in Delaware with estimated assets of $10 million to $50 million, liabilities of $100 million to $500 million, and 1,000 to 5,000 creditors. The petition followed a balance-sheet and store-level liquidity squeeze at a 110-owned-location and 24-franchised-location system that generated $252 million of revenue in the twelve months ended December 31, 2019 and employed roughly 4,566 people across restaurants and corporate functions source filing source filing.
The first-day declaration framed the case as a sale-driven restructuring after 38 unprofitable locations were closed prepetition. BL Restaurants reported about $87 million of funded debt, $8 million of unsecured trade debt, and another $6 million of potential unsecured debt, excluding lease-termination claims. The debtors sought a $22 million DIP revolver, with $8 million available on an interim basis and another $14 million after final approval, to fund operations, employees, vendors, and a going-concern sale process anchored by stalking horse BLH Acquisition Co., LLC source filing.
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