Bar Louie cancels auction, seeks approval to sell assets to lenders

By Caroline Salls

Pittsburgh, March 30 – BL Restaurants Holding LLC, which operates as Bar Louie, cancelled its March 30 auction and will ask the U.S. Bankruptcy Court for the District of Delaware to approve a sale of its assets to its lenders, according to a notice filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Bar Louie filed bankruptcy after reaching an agreement under which its lenders agreed to act as the stalking horse bidder for the company’s assets.

The sale to the lenders via credit bid of the loan obligations is subject to the receipt of higher and better offers.

Bar Louie said in Friday’s notice that it did not receive any qualified competing bids by the March 26 bid deadline.

The sale hearing is scheduled for April 7.

Bar Louie is an Addison, Tex.-based gastropub operator. The company filed bankruptcy on Jan. 27 under Chapter 11 case number 20-10156.

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