Le Pain Quotidien’s Reorg Plan Approved After Sale to Aurify

Restaurant chain Le Pain Quotidien’s U.S. unit will wrap up its bankruptcy, after a judge approved a plan that saves dozens of stores and partially repays unsecured creditors.

The plan, which centered on selling U.S. stores to restaurant operator Aurify Brands LLC for $3 million in cash and contract assumptions, was submitted to the judge jointly by the debtor and the committee of unsecured creditors.

“Congratulations for saving this case from the brink of Chapter 7 and reorganizing, saving jobs,” Judge John T. Dorsey of the U.S. Bankruptcy Court for the District of Delaware said Friday at a virtual confirmation ...