Trustee of Creditors’ Trust
- Claims Analysis and Distribution
- Sale of Assets
SIZZLER RESTAURANTS INTERNATIONAL, INC.
- Collected notes due from franchisees and reorganized debtor; sold debtor’s remaining real property assets
- Creditors received full recovery with interest on amounts due under confirmed plan
A member of DSI served as the post-confirmation trustee for this chain of casual dining restaurants upon exit from its Chapter 11 case. The Trust received the notes payable from franchisees due the debtor, along with the real property assets not sold during the bankruptcy. Additional assets were transferred as part of the Plan of Reorganization. The Trust was also responsible for the review and approval of claims. The notes were repaid and the real property sold faster than anticipated. Additionally, the creditors received complete payment on their allowed claims approximately a year earlier than had been predicted at the time the Plan was confirmed.