Bertucci’s granted approval to sell assets to PHL Holdings unit

By Caroline Salls

Pittsburgh, June 5 – Bertucci’s Holdings, Inc. received court approval of the sale of substantially all of its assets to PHL Holdings, LLC subsidiary Bertucci’s Holding, LLC, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The PHL subsidiary has agreed to pay $3.05 million in cash and cash equal to a termination fee for the assets, as well as to credit bid up to $4 million due under the company’s debtor-in-possession facility at closing and to issue new second-lien notes.

Bertucci’s, a Northborough, Mass.-based casual restaurant chain, filed bankruptcy on April 15. The Chapter 11 case number is 18-10894.

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