April 29, 2017 3:13 AM ET

Hotels, Restaurants and Leisure

Company Overview of Tahoe Joe's, Inc.

Company Overview

Tahoe Joe's, Inc. operates a chain of restaurants in California. It offers Midwest corn fed beef, cut thick and charbroiled over a cracklin' hard wood fire, slow-roasted Joe's Steak, Camp Shrimps, and cheesecakes. The company was founded in 1996 and is based in Fresno, California. Tahoe Joe's, Inc. operates as a subsidiary of Buffets Holdings, Inc. On March 7, 2016, Tahoe Joe's, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Western District of Texas. It is in joint administration with Ovation Brands, Inc.

1044 East Spruce

Suite 105

Fresno, CA 93720

United States

Founded in 1996

Phone:

559-277-1242

Fax:

559-277-3518

Key Executives for Tahoe Joe's, Inc.

President
Director of Operations
Director of Human Resources & Training
Director of Purchasing & Culinary Operations
Regional Director of Operations
Compensation as of Fiscal Year 2016.

Tahoe Joe's, Inc. Key Developments

Second Amended Reorganization Plan Approved for Ovation Brands, Inc.

The US Bankruptcy Court approved the second amended plan of reorganization of Buffets, LLC on April 27, 2017. The debtor has filed its amended plan in the Court on April 4, 2017. As per the amended plan, the administrative claims and professional fee claims will be paid in full in cash. The other secured claims and property claims will be paid in full. ACE Claims will be paid in full in cash and retain the collateral, respectively. The letter of credit claims will be issued new security agreement and payment will be made as per the agreement terms The general unsecured claims of ranging between $100- $115 million will have an estimated recovery of 10% of the allowed claims. The convenience claims will have an estimated recovery of 50% and maximum on pro rata distribution $0.43 million. The equity interest holders will retain their equity interests. The plan will be funded from cash in hand and issuance of new and modified notes to claim holders.

Motion for Asset Sale Rejected for Ovation Brands, Inc.

The US Bankruptcy Court gave an order denying the sale of substantially all the assets of Buffets, LLC on April 4, 2017. The motion was dismissed as moot. The motion for the asset sale was filed by the debtor on October 27, 2016.

Second Amended Reorganization Plan Filed by Ovation Brands, Inc.

Buffets, LLC filed second amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on April 4, 2017. There were no changes in the treatment of all classes of claims.

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Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

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