NORTHBOROUGH, Mass., April 16, 2018 /PRNewswire/ -- Bertucci's, the casual restaurant known for its authentic Italian foods and signature brick oven pizzas, today announced that it filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") with Right Lane Dough Acquisitions, LLC serving as the Stalking Horse Bidder. Under the asset purchase agreement, the Stalking Horse Bidder has agreed to purchase substantially all of Bertucci's assets and assume certain liabilities, subject to higher or otherwise better offers.
The transaction is intended to maximize value for all stakeholders through a fair, open Bankruptcy Court-approved sale process in which Bertucci's will consider all bids for a sale or restructuring of the company. As part of the bankruptcy filing, Bertucci's has sought Bankruptcy Court approval for the consensual use of cash collateral and $4 million in debtor-in-possession financing which will allow the company to meet its post-filing obligations in the ordinary course of business for customers, employees, trading partners, suppliers, vendors, and other creditors.
"Today's filing is expected to be seamless for Bertucci's guests, trading partners and vendors, and result in minimal disruption to its operations, allowing us to strengthen the company's financial structure and position it for significant future growth," said Brian Wright, CEO.
Wright concluded, "We are grateful for the service and loyalty of our team members and are looking forward to focusing on a return to Bertucci's roots: authentic, high quality, fresh ingredients that guests and team members alike crave and care about."
59 Bertucci's locations remain open for business, and Bertucci's anticipates completing its restructuring process expeditiously so the Company will emerge under new ownership, with an improved financial position and stronger brand.
Court filings and other information related to the restructuring proceedings are available at https://cases.primeclerk.com/Bertuccis or by calling the Company's toll-free restructuring information line at 877-879-7740.
Landis Rath & Cobb LLP is serving as Bertucci's bankruptcy counsel, and Schulte Roth & Zabel LLP is the Company's special corporate counsel. Brian Wright will continue to serve as CEO, and Brian Connell will continue to serve as CFO.
The original brick oven restaurant since 1981, Bertucci's is an Italian scratch kitchen and pizzeria known for artisanal authentic brick oven pizzas and handcrafted pastas, exhibition kitchens, and homemade Italian signatures, including the dough for our pizzas, calzones and famous fresh rolls. Bertucci's serves as a gathering place for friends and families, offering everyday value for lunch and dinner in the spirit of "la dolce vita," the good life: celebrating life together over delicious foods and beverages. Bertucci's is headquartered in Boston, MA and operates in 11 east coast states from New Hampshire to Virginia. Arrivederci!