#chapter-11

#chapter-11

Restaurants have always been a tough business, made even more so since the COVID-19 pandemic. Restaurant bankruptcies seem to happen on a fairly regular business, even to big name chains such as Red Lobster and TGI Friday's. Filing bankruptcy (especially chapter 11 bankruptcy, which is basically a restructuring) does not necessarily mean the end of a restaurant chain. Some companies have declared bankruptcy more than once, including Friendly's, which has beat it twice and avoided total failure.

But now, according to a motion and an affidavit filed in U.S. Bankruptcy Court in New York, Spirit management and AerCap have resolved their disagreements and placed the airline on a clearer path toward restructuring its finances and slimming down its fleet. As part of the deal, AerCap would deliver an unspecified cash infusion to Spirit. The amount of cash involved is unknown as the figure is blacked out in the court filings, which are heavily redacted for competitive reasons.

In a motion filed this week, the diocese said its latest proposal to pay $165 million over five years to settle roughly 350 claims of alleged abuse drew hardly a response from the victims' attorneys, and neither did several previous offers. A local division of the U.S. Bankruptcy Court may decide next month whether to allow the church to pull the plug on its Chapter 11 proceedings, which Diocese attorneys said have become expensive because their creditors have effectively bled (the church) dry.

And this is not the first bankruptcy go-around for Bravo Brio. The restaurant group behind Bravo! Italian Kitchen and Brio Italian Grille, known for their authentic yet accessible Italian classics like creamy seafood risotto and hearty pasta dishes, has changed hands multiple times, most recently in 2020, when the restaurant group last filed for bankruptcy and was bought by Earl Enterprises.