Bar Louie inks amendments to stalking horse bid agreement

By Caroline Salls

Pittsburgh, April 23 – BL Restaurants Holding LLC, which operates as Bar Louie, filed an amended stalking horse asset purchase agreement reached with lender entity BLH Acquisition Co., LLC, according to a notice filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The amendment reduces the break-up fee to be paid to BLH Acquisition if it is not ultimately the winning bidder to 1.25% of the purchase price from 3% and eliminates the related expense reimbursement.

In addition, Bar Louie’s deadline for obtaining court approval of the sale has been extended to April 30 from March 31.

The bid agreement’s cure amount cap has been increased to $3 million from $2.01 million.

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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