Bar Louie interim financing approved; final hearing set for Feb. 27

By Caroline Salls

Pittsburgh, Jan. 28 – BL Restaurants Holding, LLC, which operates Bar Louie, received court approval to access $8 million of a proposed $22 million in debtor-in-possession financing on an interim basis, according to an order filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Feb. 27.

The financing will allow Bar Louie to continue operations, complete the transaction and fund post-bankruptcy operating expenses, including its obligations to employees and suppliers.

The DIP facility will mature on the earliest of July 27, the effective date of a plan of reorganization, the termination declaration date, closing of a sale of all or substantially all of the assets stock of the company and the date all obligations are paid in full in cash.

Interest will accrue at the Prime rate plus 800 basis points or Libor plus 900 bps.

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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