Perkins gets nod to solicit plan votes; confirmation hearing Dec. 19

By Caroline Salls

Pittsburgh, Nov. 8 – Perkins & Marie Callender’s LLC obtained conditional court approval of its combined plan of liquidation and disclosure statement, allowing it to begin soliciting votes on the plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The plan confirmation hearing is scheduled for Dec. 19.

In September, Perkins obtained court approval to sell three groups of assets.

Huddle House, Inc. was the high bidder for the company’s Perkins assets, with a $51.5 million bid; Fairfield Gourmet Food Corp. was the winning bidder for the Ohio business assets, with an $18.7 million bid; and Marie Callenders, Inc. was the winning bidder for the MC business assets, with a $1.75 million bid.

Under the plan, administrative expense claims, debtor-in-possession credit agreement claims, priority tax claims and priority non-tax claims will be paid in full in cash.

Holders of remaining pre-bankruptcy secured claims will receive a share of the remaining estate assets.

Holders of other secured claims will receive cash or another treatment that renders the claims unimpaired.

Holders of general unsecured claims will receive a share of a GUC plan distribution.

Holders of holding company equity interests will receive no distribution.

Equity interests in other debtors will be reinstated.

Perkins & Marie Callender’s is a Memphis-based operator and franchiser of full-service restaurants. The company filed bankruptcy on Aug. 5 under Chapter 11 case number 19-11743.

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