Ruby Tuesday: U.S. trustee, committee say statement lacks information

By Sarah Lizee

Olympia, Wash., Dec. 14 – A disclosure statement from RTI Holding Co., LLC (Ruby Tuesday) for its Chapter 11 plan drew objections from Regions 3 and 9 U.S. trustee Andrew R. Vara and the official committee of unsecured creditors, according to filings in the U.S. Bankruptcy Court for the District of Delaware.

Both the committee and the U.S. trustee said in their objections that the disclosure statement doesn’t provide enough information for creditors to evaluate the key terms of the plan or make an informed voting decision.

“At the most basic level, the disclosure statement fails to provide general unsecured creditors with the core information about the treatment of their claims; it contains no estimate of the amount of their recoveries, the currency in which those recoveries will paid, or when they are likely to be received,” the committee said.

“It also fails to include key financial information, including projections, liquidation and valuation analysis.”

The disclosure statement hearing is currently scheduled for Dec. 18.

Ruby Tuesday is a Knoxville, Tenn.-based foodservice retailer. The company filed Chapter 11 bankruptcy on Oct. 7 under case number 20-12456.

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