Bankrupt casual-dining company CraftWorks Holdings Inc. is willing to sell itself to Fortress Investment Group LLC for $45 million less than the buyer offered earlier, while aiming to reopen as many as 200 restaurants once pandemic restrictions are loosened, the Wall Street Journal reported. The company behind the Logan’s Roadhouse and Gordon Biersch restaurant chains on Monday floated a private sale to Fortress valued at $93 million. The offer is in the form of a credit bid, meaning Fortress wants to buy the company in exchange for canceling some of its debt. The sale proposal, which also includes the assumption of liabilities by Fortress, is subject to the bankruptcy court’s approval and higher offers. Vineet Batra, the investment banker to Craftworks, said in court documents it is unlikely another buyer would top the Fortress offer in light of the Covid-19 pandemic and its impact on the national economy. Fortress had offered $138 million for CraftWorks when the restaurant operator filed for chapter 11 bankruptcy in early March. CraftWorks filed for bankruptcy operating 338 locations under brands including Old Chicago, Rock Bottom, Big River Grille, the ChopHouse and A1A Ale Works.
