Bar Louie, an award-winning gastrobar, today announced that it has reached an agreement with its lenders to act as the stalking-horse purchaser and to support the company through a chapter 11 bankruptcy sale, subject to higher and better offers, according to a PR Newswire report. The company will continue to operate its more than 90 locations across the U.S. in the normal course of business. Bar Louie has filed voluntary chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware. The company said it does not expect the filing to have meaningful impact on its day-to-day business. Bar Louie has received commitments from its lenders for debtor-in-possession (DIP) financing, and said it expects to emerge from the chapter 11 process within 90 days.
