🍣 New Chapter 11 Bankruptcy Filing - Sustainable Restaurant Holdings Inc. 🍣

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Sustainable Restaurant Holdings Inc.

May 12, 2020

Portland-based Sustainable Restaurant Holdings Inc., the holding company behind ten environmentally-friendly restaurants under the Bamboo Sushi and Quickfish brands, filed for bankruptcy in the District of Delaware. The company is owned by Kristofor Lofgren (42.1%) and supported by the Bain Capital Double Impact Fund LP (35.4%).

The company suffered, predictably, once COVID-19 struck and changed the business dynamic for restaurants all over the country. An attempted shift to take-out delivery wasn’t enough to drive revenue and shore up liquidity. The company makes no mention of any attempt to secure PPP funds pursuant to the CARES Act but, presumably, it wouldn’t have been eligible due to its connection to Bain. Bain, however, is stepping up to fund a $375k DIP that will fund the chapter 11 bankruptcy cases and hopefully buy the debtors time to locate a potential buyer of their assets.

  • Jurisdiction: D. of Delaware (Judge )

  • Capital Structure: ~$1.5mm unsecured note

  • Professionals:

    • Legal: Klehr Harrison Harvey Branzburg LLP (Domenic Pacitti)

    • Independent Director: Pamela Corrie

    • Financial Advisor: Getzler Henrich & Associates LLC (David Campbell)

    • Investment Banker: SSG Capital Advisors LLC

    • Claims Agent: Omni Agent Solutions (*click on the link above for free docket access)

  • Other Parties in Interest:

    • Major Equityholder & DIP Lender ($375k): Bain Capital Double Impact Fund LP