June 20, 2017 / 8:29 PM / 2 years ago

U.S. trustee objects to bankruptcy sales effort by Ignite

Bankrupt Ignite Restaurant Group Inc has opted for a bid for its assets too low for its needs, the government’s bankruptcy watchdog said on Monday in court papers calling for an order rejecting the sale proposed by the owner of the Joe’s Crab Shack chain.

The U.S. trustee in papers filed in U.S. Bankruptcy Court in Houston said the $50 million bid “may not even come close” to paying Ignite’s secured debt in full and only secured creditors would likely benefit from a sale at that price.

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