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Schafer and Weiner Confirms Mid-Michigan Restaurant Chain Chapter 11

November, 2020

John Stockdale and Jeff Sattler represented the official committee of unsecured creditors in In re Inspired Concepts, LLC, Case No. 20-20034, which is pending before the Bankruptcy Court for the Eastern District of Michigan.  John and Jeff assisted the Committee through an extremely difficult mediation with the debtor over the terms of a plan of reorganization.  As a result of their efforts, an agreement was reached and memorialized in a plan of reorganization that contemplates an approximate 12.8% recovery for the unsecured creditors (inclusive of deficiency claims) – an amount greatly in excess of what the debtor initially proposed paying the unsecured creditors.  The plan of reorganization was consensually confirmed on November 5, 2020.