January 16, 2017 11:15 AM ET

Hotels, Restaurants and Leisure

Company Overview of J&B Restaurant Partners, Inc.

Company Overview

J&B Restaurant Partners, Inc. operates restaurants in Long Island. The company offers breakfast, lunch/dinner, and dessert menus. It also provides menus for kids and seniors. The company was founded in 1997 and is based in Ronkonkoma, New York. J&B Restaurant Partners, Inc. operates as a subsidiary of J&B Restaurant Partners Holding Company of Long Island LLC.

3385 Veterans Memorial Highway

Ronkonkoma, NY 11779

United States

Founded in 1997

Phone:

631-218-9067

Fax:

631-218-8019

Key Executives for J&B Restaurant Partners, Inc.

Director of Operations
Compensation as of Fiscal Year 2016.

J&B Restaurant Partners, Inc. Key Developments

Second Amended Reorganization Plan Approved for J & B Partners Management LLC

The US Bankruptcy Court approved the amended plan of reorganization of J & B Partners Management LLC on June 26, 2015. As per the approved plan, Administrative Expense Claims, US Trustee Fees of $0.03 million, Fee Claims of $0.45 million, Priority Tax Claims and Priority Non-Tax Claims will be paid in full in cash. GE DIP Claim and GE Prepetition Claims of $1.5 million and $16 million respectively will be paid by issuing a New GE Note with a principal amount equal to the GE DIP Claim plus the Allowed GE Claim less net proceeds generated during the Reorganization Cases and paid to GE from any Dark Store Sales and Sale-Leaseback Transactions. Secured Claim of Nassau County Treasurer shall receive deferred Cash payments following the Effective Date, over a period ending not later than 5 years after the Petition Date, in an aggregate amount equal to the Allowed amount of the Nassau County Treasurer’s Claim. Secured Claim of Nissan Motor Acceptance Corporation, Servicer for Nissan-Infiniti LT shall be paid cash as per the relief order dated May 14, 2015. General Unsecured Claims has been estimated at $2.22 million, including Administrative Convenience Claims of $0.30 million. Both the unsecured claims will be paid through unsecured creditor’s fund of $0.44 million, of which, $0.05 million will be used to pay Lowenstein Sandler, LLP. Friendly’s Claim of $4.5 million will not receive any distribution. Owner Claims of $2.15 million will receive new common stock of the debtor in settlement of its claims which will be a recovery of about 10%. Interests Holders claims will be cancelled and will not receive any distribution. The plan will be funded by cash in hand, equity issuance and New GE Note.

Second Amended Reorganization Plan Filed by J & B Partners Management LLC

J & B Partners Management LLC filed an amended plan of reorganization in the US Bankruptcy Court on June 26, 2015. As per the amended plan filed, Secured Claim of Nassau County Treasurer shall receive deferred Cash payments following the Effective Date, over a period ending not later than 5 years after the Petition Date, in an aggregate amount equal to the Allowed amount of the Nassau County Treasurer’s Claim. Secured Claim of Nissan Motor Acceptance Corporation, Servicer for Nissan-Infiniti LT shall be paid cash as per the relief order dated May 14, 2015. The treatment for all other claim classes in the plan remains same.

First Amended Joint Reorganization Plan & Disclosure Statement Filed by J & B Partners Management LLC

J & B Partners Management LLC filed first amended joint plan of reorganization and related disclosure statement in the US Bankruptcy Court on April 13, 2015. As per the amended plan, fee claims has been estimated at $0.45 million. US Trustee fees has been estimated at $0.03 million for the quarter ending June 30, 2015. General Unsecured Claims has been estimated at $2.22 million, including Administrative Convenience Claims of $0.30 million. Both the unsecured claims will be paid through unsecured creditors fund of $0.44 million, of which, $0.05 million will be used to pay Lowenstein Sandler, LLP. Treatment of all the other classes of claims remain same as per the previous plan.

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Recent Private Companies Transactions

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