PGHC Holdings wins bankruptcy court approval of $20 million asset sale

By Caroline Salls

Pittsburgh, Jan. 29 – PGHC Holdings, Inc. received court approval to sell its assets to a Wynnchurch Capital portfolio company, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Wynnchurch has agreed to purchase substantially all of PGHC’s assets and some designation rights for unexpired leases for a credit bid of $20 million plus the assumption of liabilities.

Wynnchurch also plans to offer employment to substantially all of PGHC’s current employees.

The company said earlier this month that it received no qualified competing bids.

Dedham, Mass.-based PGHC operates Papa Gino’s and D’Angelo Grilled Sandwiches restaurants in New England. The company filed bankruptcy on Nov. 5 under Chapter 11 case number 18-12537.

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