Gourmet Express LLC, a maker of frozen skillet meals for retailers including Wal-Mart Stores Inc., is being taken over by secured lender Genesis Merchant Partners LP as part of a sale approved June 15 by the U.S. Bankruptcy Court in Baltimore (In re Gourmet Express Acquisition Fund LLC, Bankr. D. Md., 15-13670, sale approved 6/15/15).
Genesis was owed about $15.7 million at the outset of bankruptcy in mid-March. The price includes $9 million of debt in lieu of cash and the assumption of specified liabilities, including payments required to cure defaults on contracts going along with the ...
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