Thursday, September 27, 2012
Lynyrd Skynyrd's Restaurant Files Chapter 11 Bankruptcy
Lynyrd Skynyrd BBQ & Beer has filed for Chapter 11 bankruptcy, according to the Wall Street Journal Bankruptcy Beat. The restaurant is in the Excalibur Hotel and Casino in Las Vegas. It was opened less than a year ago, in December 2011.
According to WSJ, the reason for the filing is currently unclear, but the filing indicated the restaurant had between $1 million and $10 million in debt. Although the details are unclear at this time, Chapter 11 bankruptcy is typically chosen when a company wants to reorganize its debt. In some cases, individuals file under Chapter 11, but generally it is more common among businesses and corporations.
Under Chapter 11, the restaurant will have to present a reorganization plan to the bankruptcy court. If the plan is approved, the restaurant may be able to stay open while paying down its debt. On the other hand, filing under Chapter 7 generally means a business is unable to continue operations.
Lynyrd Skynyrd BBQ & Beer serves a variety of barbecue meats, and was voted best barbecue by Las Vegas Weekly.
To find out more about whether bankruptcy may be the correct way to resolve your debt, please contact an experienced bankruptcy attorney in your area.