Vegan celebrity chef Chloe Coscarelli is exploring a bid for bankrupt plant-based restaurant brand By Chloe, the namesake fast-casual chain she co-founded years ago but left behind after a dispute with a shareholder, WSJ Pro Bankruptcy reported. Bankruptcy Judge Brendan Shannon during a hearing yesterday said that he would approve the bidding process of the chain’s parent company, BC Hospitality Group Inc. The company, part-owned by investment firm Bain Capital LP, pushed back by about two weeks its initial timeline to sell its assets out of bankruptcy. It is now eyeing an auction in early March, if necessary, with court approval of the sale expected shortly after. It had originally contemplated an auction in mid-February. About 15 potential buyers “have expressed interest in learning more about the company to evaluate potentially submitting a bid,” according to a declaration filed by restructuring adviser Michael Mortell. “We expect our clients will have at least until Feb. 25 to make a bid to purchase their company, either through an asset sale or through a planned process,” said Scott F. Gautier, a lawyer representing Chef Chloe LLC and Ms. Coscarelli, who gained fame after winning the first prize on the Food Network series “Cupcake Wars” in 2010.
