Houlihan’s Sale to Landry’s Gets Go-Ahead in Bankruptcy Court

Houlihan’s Restaurants Inc. got court approval to be sold to stalking-horse bidder Landry’s Inc., adding the chain to Landry’s portfolio of restaurants including Joe’s Crab Shack and Rainforest Cafe.

• Landry’s offer for Houlihan’s consists of $40 million in cash and the assumption of some liabilities including worker’s compensation and accounts payable
  • Judge Mary F. Walrath overruled a limited objection from the creditor’s committee in Delaware court Friday, which had questioned whether existing litigation claims against Houlihan’s would be transferred to Landry’s, according to court papers
  • The creditors’ committee was concerned that Landry’s ownership of the Houlihan’s estate would limit ...