Roscoe’s Files its Exit Plan from Chapter 11
Under Chapter 11 management by The Next Idea, Restaurant Consulting And Management Group In Partnership with Restaurant Finance Group, Triple Enterprises; reporting into court appointed Trustee, Roscoe’s parent company, East Coast Foods filed a repayment plan that returns the bankrupt business to its owner and repays all creditors in full.
This is a very unusual and favorable outcome for a Chapter 11 business, and is a direct result of the operational improvements and financial controls installed by The Next Idea and Triple Enterprise teams. The result was an ability to show the long-term profitability of the business with a higher than market average cash flow, and thus an ability to repay the entire debt over a reasonable timeframe. We are delighted to see such a positive result for Roscoe’s and wish them well as they emerge from bankruptcy. This case demonstrates that it is always possible to turn around a troubled business and emerge without negatively impacting jobs, suppliers or customers.
https://la.eater.com/2018/1/23/16924176/ros coes-house-of-chicken-and-waffles-27-millio n-debt
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