Brief: Granite City Food & Brewery Announces Chapter 11 Filing To Facilitate Structured Sale Process
17/12/2019 16:37
Dec 17 (Reuters) - Granite City Food & Brewery Ltd
GCFB.PK :
* GRANITE CITY FOOD & BREWERY LTD. ANNOUNCES CHAPTER 11
FILING TO
FACILITATE STRUCTURED SALE PROCESS
* GRANITE CITY FOOD & BREWERY- AFTER INTENSIVE REVIEW OF
STRATEGIC
ALTERNATIVES, BOARD DETERMINED THAT REORGANIZATION OF ITS
BUSINESSES WAS NEEDED
* GRANITE CITY FOOD & BREWERY - TRANSACTION REMAINS SUBJECT
TO
BANKRUPTCY COURT APPROVAL & AUCTION PROCESS WHICH IS EXPECTED TO
CONCLUDE IN FEB 2020
* GRANITE CITY FOOD & BREWERY - ANNOUNCED GOING CONCERN SALE
TO
KRG GRANITE ACQUISITION FOR AGGREGATE CONSIDERATION OF $7.5
MILLION PLUS CERTAIN LIABILITIES
* GRANITE CITY FOOD & BREWERY LTD - MANAGEMENT EXPECTS TO
CONTINUE
OPERATIONS WITHOUT INTERRUPTION DURING CHAPTER 11 CASE
* GRANITE CITY FOOD & BREWERY LTD - SECURED $5 MILLION
DEBTOR IN
POSSESSION LOAN, TO FUND OPERATIONS THROUGH AUCTION AND SALE
PROCESS
* GRANITE CITY FOOD & BREWERY LTD - DURING PENDENCY OF ITS
CHAPTER
11 CASE, GRANITE CITY PLANS TO DISCONTINUE ITS PERIODIC FILINGS
WITH OTC MARKET
Source text for Eikon: ID:nPn98k5PQa
Further company coverage: GCFB.PK
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