by Jon Berke
In the June edition of the Middle Market Junction podcast, we engage Josh Benn, managing director at Duff & Phelps, in a roundtable discussion with Debtwire Middle Market Managing Editor Jon Berke and court reporter Pat Holohan about the chain of events that led to Ignite Restaurant Group – owner of the casual restaurant chains Joe’s Crab Shack and Brick House Tavern + Tap – to file for bankruptcy last week.
The podcast talk dissects the trouble that Ignite ran into with the 2013 acquisition of The Macaroni Grill and its effect on the company’s performance in the years that followed. We also discuss a looming bidding war for these assets as Ignite filed bankruptcy with a USD 50m stalking horse bid from Kelly Investment Group, while Landry’s Restaurants showed up at the company’s first day hearings claiming it made a bid in excess of the Kelly offer.
CLICK HERE to listen to the podcast.