Case filing & court posture: OTB Holding LLC, the owner and operator of On The Border Mexican Grill & Cantina (approximately 60 corporate-owned and 20 franchised locations across 18 states), filed for chapter 11 protection on March 4, 2025 in the Northern District of Georgia, Atlanta Division (Case No. 25-52415). Dkt. 1 The case was designated for complex chapter 11 treatment. Dkt. 2
Liquidity & financing path: The debtors obtained a $15 million DIP financing facility from OTB Lender, LLC, approved on an interim basis on March 7, 2025 Dkt. 50 and on a final basis on April 3, 2025. Dkt. 191 The facility included $10 million in new money to fund operations through the sale process.
Restructuring outcome: The debtors pursued a section 363 sale of substantially all assets. Following court-approved bidding procedures Dkt. 192, the sale to OTB Hospitality, LLC for $36.25 million was approved on May 16, 2025 Dkt. 403 and closed on May 30, 2025. Dkt. 431
Plan confirmation & effective date: The debtors filed an amended joint chapter 11 plan on July 21, 2025 Dkt. 522 establishing a liquidating trust to distribute remaining proceeds to creditors. The plan was confirmed on September 8, 2025 Dkt. 607 and became effective on September 16, 2025, with META Advisors LLC serving as liquidating trustee.
Current status: The liquidating trustee filed an application for final decree and motion to close certain subsidiary cases on January 23, 2026. Dkt. 702 The OTB Holding LLC lead case remains open pending entry of a final decree, while the trust continues to administer remaining claims and distributions.
