Distressed Restaurant Sales

We are pleased to announce that Brookwood Associates advised North Country BBQ Ventures, Inc., a Famous Dave’s franchisee, on a Section 363 bankruptcy sale of the Company to Famous Dave’s of America.  The closing was accomplished in an expedited timeframe and yielded a recovery value for senior secured lenders well above initial expectations.  Due to our deep relationships in the restaurant industry, we created a competitive environment which resulted in an eleven-hour auction and a 65% increase in purchase price from the stalking horse bidder, who was the ultimate winner.

We are also pleased to announce that Brookwood Associates advised American Huts, Inc., a Pizza Hut franchisee, on its debt restructuring.  The transaction was accomplished despite deteriorating sales trends in the Pizza Hut system, the global economic downturn and extremely challenging credit markets.  American Huts refinanced its existing senior lenders at a substantial discount from face value and obtained additional debt capital to support the company’s ongoing liquidity needs.