November 18, 2017 12:54 PM ET

Hotels, Restaurants and Leisure

Company Overview of Ignite Restaurant Group, Inc.

Company Overview

Ignite Restaurant Group, Inc., a diversified restaurant company, operates a portfolio of restaurants under the Joe’s Crab Shack and Brick House Tavern + Tap brands in the United States and internationally. Its restaurants offer a range of food and beverages. As of January 2, 2017, the company operated 112 Joe’s Crab Shack and 25 Brick House Tavern + Tap restaurants in 32 states, as well as franchises 3 Joe's Crab Shack brand in Dubai, the United Arab Emirates. The company was formerly known as Joe's Crab Shack Holdings, Inc. and changed its name to Ignite Restaurant Group, Inc. in July 2009. Ignite Restaurant Group, Inc. was founded in 1991 and is headquartered in Houston, Texas. On June 6, ...

10555 Richmond Avenue

Houston, TX 77042

United States

Founded in 1991

7,000 Employees

Phone:

713-366-7500

Key Executives for Ignite Restaurant Group, Inc.

Chief Financial Officer, Chief Administrative Officer and Senior Vice President
Age: 42
Total Annual Compensation: $288.7K
Chief Supply Officer
Age: 62
Total Annual Compensation: $265.2K
Consultant
Age: 65
Total Annual Compensation: $688.0K
Compensation as of Fiscal Year 2016.

Ignite Restaurant Group, Inc. Key Developments

First Amended Reorganization Plan and Disclosure Statement Filed by Ignite Restaurant Group, Inc.

Ignite Restaurant Group, Inc., along with its affiliates, filed an amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on September 7, 2017. As per the amended plan filed, Administrative Claims of $0.03 million, Priority Tax Claims of $0.99 million and Other Priority Claims of $0.08 million will be paid in full. Secured Lender Claims of $46.10 million shall receive prorate share of the Secured Lender Fund Initial Payment Amount of $38 million on effective date and Pro Rata Share of any available funds in the Secured Lender Fund until the Consummation Date. General Unsecured Claims are estimated to be allowed in the range of $132 million to $144.50 million. Holders of General Unsecured Claims are expected to recover 3% of the allowed amount through GUC Aggregate Litigation Proceeds. The treatment of the remaining classes of claims remains unchanged. Debtor filed a modified plan of reorganization with related disclosure statement in the Court on September 18, 2017. The plan did not contain any changes to the treatment of the classes of claims.

Motion for Asset Sale Approved for Ignite Restaurant Group, Inc.

The US Bankruptcy Court gave an order approving the sale of certain assets of Ignite Restaurant Group, Inc. on August 17, 2017. The debtor has been authorized to sell its certain assets to FRIT Leasing and Development Services, Inc. for a purchase price of $0.65 million, pursuant to the Agreement to Purchase dated June 2, 2017. The debtor’s assets include the Alcoholic Beverage License defined as the certain New Jersey Plenary Retail Consumption License, bearing License No. 1506-32-002-006 issued by the governing body of the Town of Brick, County of Ocean, New Jersey. Under the terms of the Agreement to Purchase, the purchaser has made an earnest money deposit of $0.05 million. The sale is a private sale, therefore not subject to higher or better offers. The purchaser is represented by Drinker Biddle & Reath LLP.

Motion for Asset Sale Approved for Ignite Restaurant Group, Inc.

The US Bankruptcy Court gave an order approving the sale of substantially all assets of Ignite Restaurant Group, Inc. on August 17, 2017. The debtor has been authorized to sell substantially all its assets to Landry’s, Inc., the winning bidder at the auction, for a purchase price of $57 million. At the auction held, Landry’s, Inc. emerged as the winning bidder by offering a purchase price of $57 million, and CRIIIKING2017, LLC was designated as the back-up bidder for a bid of $56.90 million. The debtor has also been authorized to sell its certain Excluded Assets/Surplus Assets for a consideration of up to $0.25 million, without further court order.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
August 11, 2017
Ignite Restaurant Group Inc., Substantially All Assets
Bankruptcy
June 6, 2017
--
Merger/Acquisition
June 6, 2017
Ignite Restaurant Group Inc., Substantially All Assets
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