Ruby Tuesday Inc. received speedy court approval for a sale process after the bankrupt restaurant chain made last-minute changes sought by major landlords, WSJ Pro Bankruptcy reported. The Maryville, Tenn.-based company filed for chapter 11 bankruptcy last month because of fallout from the novel coronavirus pandemic and continued pressure on the casual-dining sector. Judge John Dorsey of the U.S. Bankruptcy Court in Wilmington, Del., on Friday approved the bidding procedures for its assets. The company said last month that lenders Goldman Sachs Group Inc. and TCW Group Inc. could be the lead bidders as the business seeks to reorganize. But it also said it would court other potential buyers to generate greater proceeds for creditors. The deadline for Ruby Tuesday to pick a stalking-horse bidder is Dec. 10. Stalking-horse bidders help set a starting price for the sale. Other qualified bids are due Jan. 14, which is a week later than the original proposed date. If necessary, an auction would occur Jan. 19.
