Ignite Restaurant disclosure statement approved; plan hearing Nov. 29

By Caroline Salls

Pittsburgh, Sept. 19 – Ignite Restaurant Group, Inc. received court approval of the disclosure statement for its Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The plan confirmation hearing is scheduled for Nov. 29.

As previously reported, the plan will be funded from the proceeds of the company’s assets sale.

Under the plan, holders of miscellaneous secured claims will be paid in full in cash or receive the property securing the claim.

Holders of secured lender claims will receive a share of a secured lender fund.

Holders of general unsecured claims will receive a share of a general unsecured creditors fund and a share of initial litigation proceeds.

Holders of convenience class claims will be paid in full in cash.

Interest holders will receive no distribution.

Ignite is a Houston-based owner and operator of restaurant brands, including Joe’s Crab Shack, Romano’s Macaroni Grill and Brick House Tavern + Tap. The company filed bankruptcy on June 6 under Chapter 11 case number 17-33550.

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