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Schafer and Weiner Assists with Sale of Restaurant Property

October, 2021

Prior to and throughout the COVID-19 pandemic, John Stockdale, Jr. represented a single location Italian restaurant in Brighton, Michigan.  John has significant experience representing restaurants in the zone of insolvency.  Here, the restaurant suffered cash flow problems resulting from kitchen labor issues and excessive food costs.  As a result, it had been placed into workout with its SBA lender.  John assisted the restaurant with obtaining several forbearances from its lender while preparing for a subchapter V bankruptcy proceeding and listing the restaurant property with a broker.  As a result of these efforts, the restaurant obtained and consummated a sale transaction sufficient to retire to the SBA lender’s obligation.