CBC Restaurant Corp.'s case converted from Chapter 11 to Chapter 7 on September 17, 2024, following resolution of disputes with asset purchaser SSCP, as recorded in the conversion notice Dkt. 1244. The remaining path is trustee administration of the liquidation under the July 2, 2024 settlement and conversion order Dkt. 1161, which required turnover of estate property and records and final reporting after conversion.

CBC Restaurant Corp.'s case converted to Chapter 7 on September 17, 2024, after a Chapter 11 asset sale and settlement of disputes with purchaser SSCP Restaurant Investors, LLC. The conversion notice Dkt. 1244 implemented the conversion authorized by the court on July 2, 2024.

The Corner Bakery operator filed its Chapter 11 petition Dkt. 1 on February 22, 2023. In his February 23 first-day declaration Dkt. 22, CEO Jignesh Pandya attributed the company's distress to rising ingredient costs, inflation, supply-chain disruptions and labor challenges. He also described SSCP's January 31, 2023 acquisition of the company's credit facility and subsequent enforcement efforts, including a collateral sale scheduled for February 23, as the immediate catalyst for seeking bankruptcy protection.

The restructuring proceeded through a sale of substantially all assets to SSCP under a June 14, 2023 asset purchase agreement. The debtors' March 11, 2024 settlement motion Dkt. 1059 reported a $14,999,065 credit bid, with $870,000 in prepaid-rent reimbursement and a wind-down fund of up to $1,159,000; those components were separate from the credit bid. The motion also described disputes over the sale and transition arrangements: the debtors alleged unpaid invoice reimbursements and withheld tax and royalty funds, while SSCP alleged transition mismanagement, inaccurate records and breaches of the purchase agreement.

The July 2, 2024 settlement and conversion order Dkt. 1161 approved the compromise, established professional-fee and remaining-cash distribution arrangements, and provided for conversion upon filing a notice after distribution of remaining cash. The settlement included mutual releases while preserving certain D&O insurance claims. Following conversion, the order required turnover of estate property and records to an interim Chapter 7 trustee and final reporting, leaving the remaining liquidation to trustee administration.

CBC Restaurant Corp.'s case converted from Chapter 11 to Chapter 7 on September 17, 2024, following resolution of disputes with asset purchaser SSCP, as recorded in the conversion notice Dkt. 1244. The remaining path is trustee administration of the liquidation under the July 2, 2024 settlement and conversion order Dkt. 1161, which required turnover of estate property and records and final reporting after conversion.

CBC Restaurant Corp.'s case converted to Chapter 7 on September 17, 2024, after a Chapter 11 asset sale and settlement of disputes with purchaser SSCP Restaurant Investors, LLC. The conversion notice Dkt. 1244 implemented the conversion authorized by the court on July 2, 2024.

The Corner Bakery operator filed its Chapter 11 petition Dkt. 1 on February 22, 2023. In his February 23 first-day declaration Dkt. 22, CEO Jignesh Pandya attributed the company's distress to rising ingredient costs, inflation, supply-chain disruptions and labor challenges. He also described SSCP's January 31, 2023 acquisition of the company's credit facility and subsequent enforcement efforts, including a collateral sale scheduled for February 23, as the immediate catalyst for seeking bankruptcy protection.

The restructuring proceeded through a sale of substantially all assets to SSCP under a June 14, 2023 asset purchase agreement. The debtors' March 11, 2024 settlement motion Dkt. 1059 reported a $14,999,065 credit bid, with $870,000 in prepaid-rent reimbursement and a wind-down fund of up to $1,159,000; those components were separate from the credit bid. The motion also described disputes over the sale and transition arrangements: the debtors alleged unpaid invoice reimbursements and withheld tax and royalty funds, while SSCP alleged transition mismanagement, inaccurate records and breaches of the purchase agreement.

The July 2, 2024 settlement and conversion order Dkt. 1161 approved the compromise, established professional-fee and remaining-cash distribution arrangements, and provided for conversion upon filing a notice after distribution of remaining cash. The settlement included mutual releases while preserving certain D&O insurance claims. Following conversion, the order required turnover of estate property and records to an interim Chapter 7 trustee and final reporting, leaving the remaining liquidation to trustee administration.