Bidding Procedure Approved for Granite City Food & Brewery, Ltd.
January 24, 2020 at 09:30 am IST
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The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Granite City Food & Brewery, Ltd. on January 24, 2020. The Court approved the asset purchase agreement between the debtor and KRG Granite Acquisition, LLC, the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $7.5 million in cash. The debtor’s assets include substantially all its assets. To qualify as a qualified bidder, interested parties should submit their bids by February 6, 2020, along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid should be at least more than $7.83 million. The debtor has scheduled an auction on February 11, 2020. At the auction, the subsequent bids would be in increments of $0.05 million. The stalking horse bidder would be entitled to a break-up fee of $0.23 million and expense reimbursement of $0.10 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for February 21, 2020.
Granite City Food & Brewery Ltd. is a casual dining restaurant company. The Company's signature dishes include Grilled Chicken and Asparagus Linguini, Barramundi Buerre Blanc and a host of other menu items, as well as burgers, flatbreads, salads and steaks. Its main menu includes starters, slider towers, homemade soups, side salads, hand-crafted burgers, signature sandwiches, entrees, steaks and entree salads. The Company also offers various brews, which are made on-site, including The Duke (Pale Ale), The Bennie (Bock), The Northern (American Lager), Zug Zwang (Vanilla Porter), Granite City Seltzer. Its seasonal brews include Hustle and Ukulele. It also provides catering and conducts private events. The Company operates approximately 30 restaurants in 13 states.