Bloomberg Law
May 22, 2023, 7:02 PM

Corner Bakery Eyes $12 Million Bankruptcy Sale to Begin Auction

Alex Wolf
Alex Wolf

Fast casual restaurant chain Corner Bakery reached a deal to sell its assets out of bankruptcy for at least $12 million to an affiliate of investment firm Wexford Capital LP.

CBC Restaurant Corp. asked the US Bankruptcy Court for the District of Delaware on Friday to approve its “stalking horse” agreement with Connecticut-based Wexford, which would lock in a bidding floor at a May 30 auction for the chain’s assets.

The offer includes $12 million in cash, plus up to $1.2 million more to cover Corner Bakery’s Chapter 11 wind-down expenses and prepaid rent adjustments. If approved by the court, ...

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