Nashville, Tenn.-based CraftWorks Holdings, which operates 10 full-service restaurant and brewery chains, including Logan’s Roadhouse, Old Chicago, Rock Bottom and Gordon Biersch, has filed for Chapter 11 bankruptcy reorganization.
At the same time, the company has entered into an agreement with affiliates of Fortress Credit Co. LLC, its senior lenders, to sell the company for at least $138 million, plus the assumption of certain liabilities, CraftWorks said in a news release.
The sale is expected to reduce CraftWorks’ debt by more than $140 million, or more than 60%, and “better position the company and its popular brands for long-term growth,” the release said.
Read the source article at Talk Business & Politics
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