Bar Louie, a gastrobar company, in agreement with lenders to act as stalking horse purchaser and to support the company through Chapter 11 bankruptcy sale, subject to higher and better offers.
- Company will continue to operate its more than 90 locations across the United States
- Bar Louie filed voluntary petitions for relief under Chapter 11 bankruptcy in U.S. Bankruptcy Court for the District of Delaware
- Company does not see filing having meaningful impact on day-to-day business
- Has received commitments from its lenders for debtor-in-possession financing
- Company sees emerging from Chapter 11 process within 90 days
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