PQ New York receives court approval to sell substantially all assets

By Caroline Salls

Pittsburgh, June 29 – PQ New York, Inc., which operates Le Pain Quotidien restaurants, obtained court approval of a going-concern sale of substantially all of its assets to Aurify Brands, LLC affiliate LPQ USA, LLC, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the sale will provide for the reopening of at least 35 restaurant locations, create roughly 1,000 jobs and provide for the rehiring of a number of the company’s former employees.

LPQ agreed to provide the PQ New York debtors with $522,000 in bridge financing after Aurify Brands successfully bid for the U.S. franchising rights in a Belgian insolvency proceeding and in furtherance of the asset sale discussions.

LPQ and PQ New York entered into an agreement under which LPQ agreed to acquire substantially all of the debtors’ assets for $3 million.

PQ is a New York-based restaurant company that filed bankruptcy on May 27. The Chapter 11 case number is 20-11266.

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