Bertucci’s gets initial order for Chapter 11 case dismissal

By Caroline Salls

Pittsburgh, Nov. 6 – Bertucci’s Holdings, Inc. obtained an initial order for the dismissal of its Chapter 11 cases, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The court said in Wednesday’s order that it will hold a final fee hearing, if necessary, on Dec. 16.

After the fees and expenses of retained professionals have been approved on a final basis and paid, all outstanding monthly operating reports have been filed and U.S. Trustee fees have been paid, the Bertucci’s debtors may file a certification requesting entry of final dismissal order.

As previously reported, Bertucci’s said the court-approved sale of substantially all of its assets preserved thousands of jobs, maintained a restaurant business upon which hundreds of vendors and landlords could continue to depend and left behind some miscellaneous assets for it to monetize.

Although the $3.05 million in cash proceeds from the going-concern sale and the $877,000 in proceeds from the sale of miscellaneous assets were sufficient to repay its debtor-in-possession facility, the company said they are not enough to pay off the $37.9 million owed to first-lien lenders or the $72.5 million owed to second-lien lenders.

Bertucci’s said its only remaining assets of any value are two liquor licenses.

“While the debtors, the committee and the first-lien lenders explored various options to bring these Chapter 11 cases to a conclusion, ultimately the debtors determined that dismissal is the most expeditious and cost-effective mechanism to wind down the debtors’ affairs,” the case dismissal motion said.

Bertucci’s, a Northborough, Mass.-based casual restaurant chain, filed bankruptcy on April 15, 2018. The Chapter 11 case number is 18-10894.

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