Tennessee restaurant chain Back Yard Burgers Inc. has filed a plan to exit chapter 11 protection under the control of its lender, private equity firm Pharos Capital Group LLC, Dow Jones DBR Small Cap reported today. In court papers filed on Wednesday, Back Yard said that Pharos and its affiliates would get 100 percent of the reorganized company's equity in exchange for providing $2.9 million in financing to keep the company afloat during the chapter 11 case.
