Business
Granite City Food & Brewery Ltd. Announces Chapter 11 Filing to Facilitate Structured Sale Process
Granite City Food & Brewery Ltd. Announces Chapter 11 Filing to Facilitate Structured Sale Process.
About this update from Granite City Food & Brewery Ltd
[{"type":"text","content":"\n\n\n\nGranite City Food & Brewery Ltd. Announces Chapter 11 Filing to Facilitate Structured Sale Process\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:1pt; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n\n\n\n\n\n\nGranite City Food & Brewery Ltd. Announces Chapter 11 Filing to Facilitate Structured Sale Process\nPR Newswire\nMINNEAPOLIS, Dec. 17, 2019\n\n\n\nMINNEAPOLIS, Dec. 17, 2019 /PRNewswire/ -- Granite City Food & Brewery Ltd. (OTCPink: GCFB), a casual dining restaurant group, today announced that it has filed a voluntary petition under Chapter 11 in the United States Bankruptcy Court for the District of Minnesota.  Granite City intends to contemporaneously file a motion seeking approval of auction and sale procedures under Section 363(f) of the United States Bankruptcy Code.\nAfter an intensive review of strategic alternatives, Granite City's Board of Directors determined that a reorganization of its businesses was needed.  The Board further determined that the restructuring could only be accomplished by filing for Chapter 11.  Concurrently, Granite City has announced a going concern sale to KRG Granite Acquisition LLC for aggregate consideration of $7.5 million plus certain liabilities.  The transaction remains subject to Bankruptcy Court approval and an auction process which is expected to conclude in February 2020.\nGranite City has secured a $5 million debtor in possession loan, subject to Bankruptcy Court approval, to fund operations through the auction and sale process.  Granite City continues to operate its business as a \"debtor in possession\" subject to the supervision and orders of the Bankruptcy Court in accordance with the U.S. Bankruptcy Code.  Management expects to continue operations without interruption during the Chapter 11 case.  \n\"The Granite City Board of Directors and management team have t...