On April 15, 2018, Bertucci’s Holdings Inc. and 10 affiliated debtors filed for Chapter 11 protection in Delaware. Acting as special counsel to Bertucci’s, Schulte successfully negotiated post-bankruptcy financing for the debtors and designed a sale process that led to an all-day auction for the debtors’ assets. By the auction’s close, the debtors had obtained a value-maximizing price that was approved by the bankruptcy court only 51 days after they initially filed their bankruptcy petitions. Bertucci’s is a Massachusetts-based Italian restaurant chain operating in 59 locations across 11 states.
The Schulte team that advised Bertucci's was led by business reorganization partner Adam Harris and special counsel James Bentley. The team also included mergers & acquisitions associates Andrew Fadale, Matthew Silberman and Evelyn Liristis.