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Bankrupt CraftWorks Gets Nod for $93 Million Sale to Fortress

May 20, 2020, 8:26 PM

Bankrupt CraftWorks Parent LLC can move forward with a private $93 million sale of 150 restaurants to its lender Fortress Credit Co. LLC, a scaled-back version of a deal the pandemic upended in March.

The proposed sale is the best option available for stakeholders and furloughed employees, Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware said at a hearing Wednesday. “The options beyond this transaction are bleak at best.”

Shannon said he would sign the order pending language changes discussed at the hearing. He also said Wednesday he intends to give final approval for ...