Negotiations for a Restaurant’s Strategic Article 9 Asset Transaction
Kegler Brown’s attorneys helped guide a private Article 9 sale of restaurant assets to a third-party purchaser, including contingencies related to the termination of the lease and the buyer’s initiation of a new lease at the location. The lienholder also participated in the sale, which involved the termination of subordinated EIDL debt from the SBA.
A delayed signing and closing were used to facilitate the Article 9 notice filings. Additionally, a small escrow holdback was established related to the transfer of the liquor permit.