Filing Alert: Pinstripes Chapter 11
Pinstripes Holdings Files Chapter 11 in District of Delaware
Pinstripes Holdings, Inc. and its debtor affiliates⁽¹⁾, a Northbrook, IL-based "eatertainment" chain that pairs Italian-American dining with bowling, bocce, and private events, filed for Chapter 11 protection on Sep. 8 in the U.S. Bankruptcy Court for the District of Delaware.
The filing aims to facilitate an expedited §363 sale of the business as a going concern, supported by its largest creditor, Silverview, which holds over $115 million in secured debt. Silverview will serve as the stalking horse bidder with a bid consisting of a $15 million credit bid, a $1.6 million cash component, and the assumption of certain liabilities.
To fund the case, Silverview will also provide up to $3.8 million in DIP financing, comprising approximately $3.3 million in new money and a $540,000 roll-up of a recent prepetition bridge loan, pursuant to a timeline targeting a sale hearing within 45 days.
Pinstripes Holdings, Inc. reports $100 million to $500 million in both assets and liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 25-11677.
⁽¹⁾ For a complete list of debtor entities, see the Chapter 11 Debtors table.
Chapter 11 Debtors
Top Unsecured Claims
Key Parties
Counsel:
- Sean M. Beach
- Young Conaway Stargatt & Taylor, LLP
- Email: sbeach@ycst.com
Financial Advisor / CRO:
- CR3 Partners, LLC (James Katchadurian)
Investment Banker:
- Hilco Corporate Finance, LLC
Signatories:
- Dale Schwartz – Chief Executive Officer
Claims Agent:
Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.
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