October 26, 2016 12:31 PM ET

Hotels, Restaurants and Leisure

Company Overview of Garden Fresh Restaurant Corp.

Company Overview

Garden Fresh Restaurant Corp. owns and operates a chain of restaurants. The company provides fresh produce and salads, soups, hot pastas, baked breads and muffins, fresh fruits, desserts, and more. It also offers catering services for office meetings, luncheons birthday parties, graduations, picnics, holidays, and house parties in California, Oregon, Arizona, Colorado, Texas, Illinois, North Carolina, Georgia, and Florida. The company was founded in 1983 and is based in San Diego, California. Garden Fresh Restaurant Corp. is a former subsidiary of Garden Fresh Holdings Inc. On October 3, 2016, Garden Fresh Restaurant Corp. filed a voluntary petition for reorganization under Chapter 11 in the...

15822 Bernardo Center Drive

Suite A

San Diego, CA 92127-2320

United States

Founded in 1983

1,407 Employees





Key Executives for Garden Fresh Restaurant Corp.

Chief Executive Officer
Age: 52
Chief Financial Officer
Chief Information Officer
Vice President of Human Resources
Compensation as of Fiscal Year 2016.

Garden Fresh Restaurant Corp. Key Developments

Motion for Asset Sale Approved for Garden Fresh Restaurant Intermediate Holding, LLC

The US Bankruptcy Court approved the sale of certain assets of Garden Fresh Restaurant Intermediate Holding, LLC on October 19, 2016. The Court has also authorized the retention of Tiger Commercial & Industrial as agent under the liquidation agreement dated October 3, 2016. The debtor is authorized to sell at publicly marketed sale, certain restaurant equipment packages and other furniture, fixtures and equipments. Agent will be entitled to 10% commission from the sale proceeds and will charge a buyer's premium at 18%. Debtor will also pay pre-payment fees of $0.15 million upon execution of the agreement. Agent shall not be entitled to reimbursement of cost in excess of $0.11 million.

Amended Interim DIP Financing Approved for Garden Fresh Restaurant Intermediate Holding, LLC

The US Bankruptcy Court gave an amended order to Garden Fresh Restaurant Intermediate Holding, LLC to obtain DIP financing on an interim basis on October 18, 2016. As per the order, the debtor has been authorized to obtain a credit facility in the amount of $1 million out of a total commitment of $4.5 million from BP Salad Holdings LP with Cortland Capital Market Services LLC acting as the administrative agent. The DIP loan would carry an interest rate of 15.5% p.a. DIP facility would mature either on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.10 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The proceeds from the DIP facility shall be used to provide financing for working capital and for other general corporate purposes, to make certain adequate protection payments to Prepetition Secured Parties and to pay administration costs of the chapter 11 cases. The final DIP hearing is scheduled on October 18, 2016.

Motion for Asset Sale Filed by Garden Fresh Restaurant Intermediate Holding, LLC

Garden Fresh Restaurant Intermediate Holding, LLC filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on October 7, 2016. The debtor seeks the Court’s approval for the sale of substantially all its assets to TLB Obligations, the stalking horse bidder pursuant to the asset purchase agreement. Under the terms of the agreement, the purchase price shall consist of assumption of the assumed liabilities plus a credit bid amount. To qualify as a qualified bidder, interested parties should submit their bids by November 28, 2016 along with a good faith deposit of 10% of cash portion of purchase price. The initial minimum overbid should be at least $2.15 million more than the initial purchase price. The debtor has scheduled an auction on November 30, 2016. At the auction, the subsequent bids would be in increments of $0.25 million. The sale hearing is scheduled for December 2, 2016. Cortland Capital Market Services LLC acted as collateral agent for the debtor. David Matuszewski of Holland & Knight LLP and Jayme T. Goldstein and Matthew A. Schwartz of Stroock & Stroock & Lavan LLP represented the buyer as legal advisors.

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