Under Chapter 11 Management by The Next Idea, Restaurant Consulting And Management Group In Partnership with Restaurant Finance Group, Triple Enterprises; reporting into court appointed Trustee, Roscoe’s parent company, East Coast Foods filed a repayment plan that returns the bankrupt business to its owner and repays all creditors in full.
This is a very unusual and favorable outcome for a Chapter 11 business, and is a direct result of the operational improvements and financial controls installed by The Next Idea and Triple Enterprise teams.
The result was an ability to show the long-term profitability of the business with a higher than market average cash flow, and thus an ability to repay the entire debt over a reasonable timeframe.
We are delighted to see such a positive result for Roscoe’s and wish them well as they emerge from bankruptcy.
This case demonstrates that it is always possible to turn around a troubled business and emerge without negatively impacting jobs, suppliers or customers.