Ruby Tuesday Updates Bankruptcy Plan After Deal With Creditors

Ruby Tuesday’s bankrupt parent plans to keep 210 restaurants open under new management and hand unsecured creditors at least $5 million following a global settlement incorporated in a revised Chapter 11 plan.

Under the settlement, unsecured creditors also may share proceeds from an antitrust class action litigation claim against Visa and Mastercard over interchange fees.

Access to the proceeds could double their recovery from the $3 million originally proposed, Richard M. Pachulski of Pachulski Stang Ziehl & Jones LLP, counsel for RTI Holding Co., said at a hearing Thursday in the U.S. Bankruptcy Court for the District of Delaware. ...