(Reuters) – Claim Jumper Restaurants LLC filed for a pre-packaged bankruptcy in a Delaware court on Friday and said it agreed to sell all of its assets and operations to an affiliate of Canyon Capital Advisors LLC.
In its Chapter 11 petition, the Irvine, California-based company listed assets in the $50-$100 million range and liabilities in the $100-$500 million range.
Claim Jumper, which operates 45 restaurants in eight U.S. states, said its existing lenders agreed to provide debtor-in-possession financing and it has more-than-adequate liquidity to meet operational needs throughout the sale process.
The company, which opened its first location in Los Alamitos, California in 1977, said it expects to emerge from Chapter 11 in about two months with a new ownership.
Piper Jaffray & Co is the financial advisor to Claim Jumper.
The case is In re Claim Jumper Restaurants LLC, U.S. Bankruptcy Court, District of Delaware, No: 10-12819.
(Reporting by Abhinav Sharma in Bangalore; Editing by Gopakumar Warrier)
[Leonard Green & Partners’ Web site lists Claim Jumper Restaurants LLC as a portfolio company.]