Claim Jumper Restaurants Files for Bankruptcy With Plan to Sell Business
Claim Jumper Restaurants LLC, the operator of a restaurant chain in California and seven other states, sought bankruptcy protection with a plan to sell the business to one of its investors.
The Irvine, California-based company listed assets of as much as $100 million and debt of as much as $500 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware. Private Capital Partners, an affiliate of Los Angeles-based Canyon Capital Advisors LLC, agreed to buy virtually all of the assets, Claim Jumper said today in a statement. Claim Jumper expects to leave bankruptcy in 60 to 75 days with no debt. The company said it filed a motion to set up an asset auction.