Hotels, Restaurants and Leisure
Company Overview of LRI Holdings, Inc.
LRI Holdings, Inc., together with its subsidiaries, develops and operates Logan’s Roadhouse restaurant chain in the United States. As of November 2, 2015, it operated 230 company-owned restaurants and 26 franchised restaurants in 23 states. The company was founded in 1991 and is headquartered in Nashville, Tennessee. LRI Holdings, Inc. operates as a subsidiary of Roadhouse Parent Inc. On August 8, 2016, LRI Holdings, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware. It is in joint administration with Roadhouse Holding Inc.
3011 Armory Drive
Nashville, TN 37204
Founded in 1991
Key Executives for LRI Holdings, Inc.
Chief Executive Officer, President, Director and Member of Compensation Committee
Interim Chief Financial Officer
Senior Vice President of Information Systems
Vice President, Controller and Assistant Secretary
Compensation as of Fiscal Year 2016.
LRI Holdings, Inc. Key Developments
Final DIP Financing Approved for Roadhouse Holding Inc.
Sep 28 16
The US Bankruptcy Court gave an order to Roadhouse Holding Inc. to obtain DIP financing on a final basis on September 28, 2016. As per the order, the debtor has been authorized to obtain a senior secured super-priority revolving credit facility in the amount of $75 million from Carl Marks Management Company, LLC, Marblegate Asset Management, LLC, GSO Capital Partners LP and Kelso & Company, with Cortland Capital Market Services LLC acting as the administrative agent. The loan facility will consists of $25 million of new money facility and roll up facility. Debtor will issue new notes in exchange for the DIP claims, on a dollar-for-dollar basis for every dollar of borrowings under the new money facility, so that the total notes under the roll-up facility shall result in an exchange on a 2:1 basis for every dollar of borrowings under the new money facility. The DIP loan would either carry an interest rate of LIBOR plus 8.5% p.a., with a LIBOR floor of 1% p.a., or an alternate base rate plus 7.5% p.a., with a base rate floor of 2%, along with an additional 3% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 2% p.a., backstop commitment fee of 3%, unused commitment fee of 0.5% and administrative agent fee of $0.04 million p.a. The DIP facility would mature either on November 14, 2016 or 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 $0.55 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor's collateral.
First Amended Reorganization Plan and Disclosure Statement Filed by Roadhouse Holding Inc.
Sep 28 16
Roadhouse Holding Inc. filed first amended joint plan of reorganization and related disclosure statement in the US Bankruptcy Court on September 28, 2016. As per the plan filed, shall be no changes in the treatment of any claim class.
Reorganization Plan and Disclosure Statement Filed by Roadhouse Holding Inc.
Aug 16 16
Roadhouse Holding Inc. filed a reorganization plan and related disclosure statement in the US Bankruptcy Court on August 16, 2016. Under the plan, administrative claims, professional fee claims, tax claims and DIP facility claims will be paid in full in cash. Other priority claims and other secured claims will be paid in full in cash. Revolving Facility Lender claims of $23.9 million will be paid a pro rata share of the exit revolving facility. GSO Notes claims of $119.3 million and Kelso Notes claims of $122.6 million will be paid pro rata share of the New Stock. The debtor has total Unexchanged Notes claims of $143.94 million. Each holder of Unexchanged Notes claims of more than $0.05 million will be paid a pro rata share of the New Stock. Each holder of Unexchanged Notes claims of less than $0.05 million will be paid a cash-out payment in the form of cash. General unsecured claims will be paid pro rata share of the general unsecured claim cash pool of $0.35 million. Intercompany claims will be reinstated, cancelled or compromised as determined by the debtors. Intercompany interests will be cancelled or reinstated as determined by the debtors. Subordinated claims will be paid nothing under the plan. Existing Equity Interests shall be discharged, cancelled, released and extinguished as of the effective date. The plan will be funded from debtor’s ongoing business operation, exit revolving facility, issuance of new stock and cash in hand. Roadhouse Holding Inc. filed a revised disclosure statement in the US Bankruptcy Court on September 12, 2016. As per the revised disclosure statement, Revolving Facility Lender claims of $23.9 million shall receive 100% recovery through the exit revolving facility. There shall be no changes in the treatment of any other claim class.
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