The estate for the former operator of the Perkins and Marie Callender’s restaurant chains received court approval to pay creditors under a consensual bankruptcy liquidation plan, Bloomberg Law reported. The payments, with funds from $72 million in asset sale proceeds, would allow the company to wind down in chapter 11 bankruptcy. After a negotiated settlement, Pancakes & Pies LLC, the liquidating entity formerly known as Perkins & Marie Callender’s, plans to set up a recovery pool for general unsecured creditors, who are projected to recover roughly $1.8 million on $14 million in allowed claims.
