Want To Buy A Restaurant Chain? The Bidding Starts At $1.65M
Here's a business proposition: how about buying a restaurant chain that's mired in debt? If that sounds like your cup of tea, you should know that RJ Gator's will be up for auction on August 31.
On Thursday, the U.S. Bankruptcy Court for the Southern District of Florida in West Palm Beach set the chain restaurant's auction date for Aug. 31, with closing expected for mid-September.Bidding for the assets of the company's eight restaurants and its Jupiter headquarters will begin at $1.65 million, the amount offered last week by Golden Restaurants Inc.
According to Robert Charbonneau, counsel for the creditor's committee, Gator's has $1.5 million in secured debt, such as bank loans and an additional $3 million to $4 million in unsecured debt, such as bills from vendors and suppliers.
RJ Gator's auction date set: Aug. 31 [TCPalm]
