December 19, 2018 / 12:41 AM / 5 months ago

Committee objects to sales procedures for Fatz chain's bankrupt owner

Unsecured creditors of Cafe Holdings Corp are seeking a court order to block the bankrupt restaurant operator’s proposed procedures for selling itself, arguing they solely benefit the company’s lender, Atalaya Capital Management LP.

The proposed timetable for the sale appears to be designed to inhibit potential bidders from conducting due diligence on Cafe Holdings, the company’s official committee of unsecured creditors said a filing on Monday in U.S. Bankruptcy Court for the District of South Carolina.

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