F&H Acquisition: Court approves hearing for $125 million asset sale

By Lisa Kerner

Charlotte, N.C., Feb. 12 - F&H Acquisition Corp.'s sale hearing will be held on Feb. 28 at 2 p.m. ET, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the total transaction value provided by the buyer is in excess of $125 million, including assumption of $70 million of debt under the first-lien credit agreement; assumption of up to $9.6 million of debt under the debtor-in-possession credit agreement; rollover of $10 million of debt under the second-lien credit agreement; a partial credit bid of debt under the second-lien credit agreement of $19 million; $14.5 million of cash, of which $4.5 million will be transferred to the debtors for the purpose of the wind down, and an estimated $6.7 million of additional assumed liabilities.

The buyer will provide a $1.5 million good-faith deposit within three business days after execution of the asset purchase agreement.

F&H Acquisition, a Wichita, Kan.-based owner and operator of Fox and Hound, Champps and Bailey's restaurants, filed for bankruptcy on Dec. 16. The Chapter 11 case number is 13-13220.

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