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Specializing in insolvency and complex commercial matters since 1974

Bankruptcy Court Confirms Chapter 11 Plan Of Reorganization For Sam Seltzer

On February 25, 2009, the United States Bankruptcy Court for the Middle District of Florida, Tampa Division, entered an Order Confirming the Amended Plan of Reorganization for Sam Seltzer’s Steak Houses of America, Inc. and its Wholly-Owned Subsidiaries, as Modified at the Confirmation Hearing. On June 27, 2008, the parent company, Sam Seltzer’s Steak Houses of America, Inc. and 14 of its wholly-owned subsidiaries filed for Chapter 11 protection. As of the petition date, the Debtors operated 9 steak houses in the greater Tampa Bay area, central Florida, and southwest Florida. The Chapter 11 allowed the Debtors to shut down unprofitable restaurants, reject unfavorable leases, abandon burdensome assets, and restructure obligations to creditors. In particular, the plan featured: (i) the restructuring of obligations to General Electric Capital Franchise Finance Corporation and one of its subsidiaries, USRP Finance, LLC, which were collectively owed approximately $5.5 million on the petition date, (ii) the surrender of property to Amresco Commercial Finance, LLC which was owed approximately $4 million on the petition date, and (iii) a restructuring of multi-million dollar obligations to unsecured creditors. The parent company now operates 6 steak houses in the greater Tampa Bay area and southwest Florida. Harley E. Riedel and Amy Denton Harris led the firm’s representation in these cases. Read more in: