In its filing, the company listed assets of approximately $100 million and debts that exceeded $500 million. The company filed its Chapter 11 documents in a U.S. Bankruptcy Court in Delaware.
Private Capital Partners agreed to purchase all assets said Claim Jumper in a statement. The restaurant chain expects to leave bankruptcy within 60 to 75 days with no debt. The company also told news sources that it filed a motion to set up an asset auction.
Chief Executive Officer Mark Augarten released a statement that said, “Our operations will continue just as they always have during the sale process.”