CB Holding Corp Files Plan of Reorganization and Disclosure Statement

Completes Sales of The Office and Charlie Brown's Steakhouse Chains

Aug 16, 2011, 13:51 ET from CB Holding Corp.

MOUNTAINSIDE, N.J., Aug. 16, 2011 /PRNewswire/ -- CB Holding Corp. (the "Company") announced today that it and all of its subsidiaries have filed a Joint Plan of Reorganization (the "Plan") and related disclosure statement with the U.S. Bankruptcy Court for the District of Delaware.  The Plan effectuates an agreement between the Company's lenders and the official committee of unsecured creditors that was appointed in the Company's Chapter 11 cases to split proceeds of sales of the Company's assets that provide for a recovery to unsecured creditors.  A hearing has been scheduled for September 9, 2011, at which time the Court will consider the disclosure statement and schedule a hearing on confirmation of the Plan.

The Company also announced the successful closing of the sales of its two remaining restaurant chains: The Office Beer Bar & Grill, which was completed as of June 24, 2011, and Charlie Brown's Steakhouse, which was completed as of July 28, 2011.  These sales, which were approved by the U.S. Bankruptcy Court for the District of Delaware on January 20 and April 11, 2011, respectively, include assets related to those businesses, as well as the assumption and assignment of certain related leases and contracts.

The twenty Charlie Brown restaurants were sold to affiliates of Praesidian Opportunity Fund III-A and the seven Office restaurants were sold to affiliates of Villa Enterprises Management Ltd., Inc.  As of the particular closing date for each restaurant, the new owners will operate these businesses under the same trade names and going forward will conduct business with those parties that have previously done business with CB Holding, which no longer has any operations and will not conduct any business.

CB Holding Corp. and all of its subsidiaries filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code on November 17, 2010.  CB Holding sold its Bugaboo Creek Steak House restaurants to Capitol BC Restaurants LLC in April 2011.

The Company's legal advisors are Cahill Gordon and Reindel LLP and Richards Layton & Finger P.A.  CRG Partners is the Company's restructuring and financial advisors, and Managing Director Gary Lembo is the Company's Chief Restructuring Officer.  Raymond James & Associates served as the Company's investment banker.

More information is available on the Company's web site at www.cbholdingcorp.com.  Claims information and court filings are available at www.cbhinfo.com.


Mark Semer or Sofia Mata-Leclerc
Kekst and Company
(212) 521-4802

SOURCE CB Holding Corp.