Investors who want to challenge a $3.7 million offer for some Z’Tejas restaurants face a Sept. 15 bid deadline under a sale timeline recently set by a bankruptcy judge, the Wall Street Journal reported today. In his court order signed on Monday, Bankruptcy Judge Paul Sala set a Sept. 25 auction date for some restaurants in the chain, which filed for bankruptcy last month, saying consumer spending had fallen while food and labor costs had grown. The auction for some restaurants in the Scottsdale, Ariz., chain will kick off with a $3.7 million purchase offer from a bidder called Cornbread Ventures LP, which promised to continue to operate five restaurants in Arizona and three in Austin, Texas. The chain filed for bankruptcy July 22 with Cornbread Ventures’ purchase offer in hand. The buyer is offering to pay $2.3 million in cash and forgive about $1.4 million in loans it has extended to the restaurants.
