Ignite Restaurant Bankruptcy Plan Effective
Dec 20, 2017
Ignite Restaurant Group’s Chapter 11 Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on December 1, 2017. Advertisement
BankruptcyData’s detailed Plan Summary notes, “The Plan constitutes a plan of liquidation and sets forth the means for satisfying Claims against and Interests in the Debtors. Pursuant to the Settlement, the Lenders will be receiving all of the net proceeds of the sale, except for $900,000 to be distributed to general unsecured creditors…The Liquidation Analysis for the Debtors estimates the Estimated Net Proceeds available from Assets to be $46.14 million. The recovery rate to the Class 2 – Secured Lender Claims is estimated to be 100%. The recovery rate to Class 4 – General Unsecured Claims is estimated to be 1%, and the recovery rate to Class 3 – Other Priority Claims is estimated to be zero.”
This restaurant operator filed for Chapter 11 protection on June 6, 2017, listing $149 million in pre-petition assets.