Bertucci’s Brick Oven receives confirmation of Chapter 11 plan

By Sarah Lizee

Olympia, Wash., Sept. 22 – Bertucci’s Restaurants, LLC, which does business as Bertucci’s Brick Oven Pizza & Pasta, received confirmation of its Chapter 11 plan of reorganization from the U.S. Bankruptcy Court for the Middle District of Florida, according to an order filed Friday.

The terms of the plan were negotiated between the debtor, primary secured lender PHL Holdings, LLC, the official committee of unsecured creditors, and holding company Bertucci’s Holdings, LLC, as previously reported.

Under the plan, each holder of an allowed general unsecured claim will receive a pro rata payment from the GUC payment amount, which is $1.15 million plus, if six or more additional leases are rejected on or after March 30, then an additional amount of 10% of the amount of allowed rejection damages applicable for each additional lease rejected after five additional lease rejections.

For example, if a sixth lease is rejected and the allowed rejection damages equals $300,000, then the GUC payment amount will increase by $30,000 as to that lease.

Distributions will be made within 180 days of the effective date of the plan.

Sysco Corp. will be paid in full over 12 equal monthly payments without interest, which will begin immediately following the effective date.

PB Restaurants, LLC will subordinate its claim to general unsecured creditors, but retain a claim against the reorganized debtor. PB’s claim will not accrue interest.

On the effective date, all existing interests will continue into the reorganized debtor.

In exchange for the payments and subordination under the plan, PHL, Bertucci’s Holdings and affiliates are receiving releases.

As part of the consideration to general unsecured creditors, the plan also waives all of the debtor’s claims arising under Chapter 5 of the bankruptcy code, including avoidable preference claims, against the general unsecured creditors.

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, 2022 under case number 22-04313.

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