Bertucci’s Brick Oven gets interim access to $500,000 DIP facility

By Sarah Lizee

Olympia, Wash., March 8 – Bertucci’s Restaurants, LLC, which does business as Bertucci’s Brick Oven Pizza & Pasta, gained interim approval of a $500,000 debtor-in-possession loan via prepetition lender PHL Holding, LLC, according to an interim order filed with the U.S. Bankruptcy Court for the Middle District of Florida.

The company owes about $21 million on two credit facilities from PHL. The loans are secured by a blanket lien on the debtor’s assets.

The facility is set to mature on Sept. 30, 2023, or earlier if certain events occur.

Interest is fixed at 12% per annum.

Under the terms of the DIP facility, PHL will be granted an allowed superpriority administrative expense claim, as well as valid, enforceable, non-avoidable and fully perfected liens on all DIP collateral.

A final hearing is scheduled for April 11.

Bertucci’s is an Orlando, Fla.-based operator of 47 Italian-themed restaurants. The company filed Chapter 11 bankruptcy for a second time on Dec. 5 under case number 22-04313. The company’s first Chapter 11 case began in the U.S. Bankruptcy Court for the District of Delaware under case number 18-10894 on April 15, 2018. The case was dismissed on Dec. 30, 2019.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.