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TOMS King (Ohio) LLC filed Chapter 11 in the Northern District of Ohio on January 2, listing $0-$50,000 in assets, $10 million-$50 million in liabilities, and 1-49 creditors for the Ohio debtor. The petition was signed by Daniel F. Dooley, the chief restructuring officer, and set May 2, 2023 deadlines for a plan and disclosure statement source filing.
Dooley’s first-day declaration frames the case as a multi-debtor Burger King franchise restructuring: the debtors operated 90 restaurants across Illinois, Ohio, Pennsylvania, and Virginia, employed 2,177 workers, and owed Bank of America about $35.5 million under prepetition credit facilities plus roughly $57,692 on a purchasing-card program. The debtors blamed COVID-era traffic losses, food and shipping inflation, labor shortages, and covenant defaults, while saying ReInvest Capital had contacted more than 200 potential buyers as the estates pursued a sale or reorganization path source filing.
The January 3 notice set a January 4 expedited first-day hearing on joint administration, claims-agent retention, utilities, taxes, insurance, employee wages, cash management, PACA/PASA, and cash collateral relief, making liquidity and operating continuity the first contested checkpoint in the case source filing.
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