Houlihan’s to Repay Pre-Bankruptcy Lenders in Liquidation Plan

Houlihan’s Restaurants Inc.'s bankruptcy estate has filed a plan to liquidate the rest of its assets and pay back a majority of its pre-bankruptcy lenders’ claims.

The liquidation plan will put into effect a global settlement among the lenders, a committee of creditors, and pre-petition secured lenders, according to the company’s disclosures filed Tuesday along with the plan.

Houston-based restaurant operator Landry Inc. bought Houlihan’s for $40 million in a bankruptcy sale last year. Landry’s, which operates Joe’s Crab Shack, Rainforest Cafe and Morton’s steakhouses, had already put out a tentative offer after Houlihan’s bankruptcy filing in November.

Pre-petition lenders ...