Back in March of 2012, two companies associated with waterfront restaurant Shooters filed Chapter 11 bankruptcy. Roscoe, LLC (DBA Shooters) and BIMA, LLC filed for bankruptcy protection following a $10.5 million foreclosure lawsuit filed by FirstBank against BIMA, LLC; the company that owns the property that both Shooters and Bootleggers sit on. About a month later, Shooters owner John Wile filed for personal Chapter 11 bankruptcy protection.
Chapter 11 bankruptcy protection allows a company, or person, to restructure debt. That is with the help of a trustee that the court appoints. Debts generally do not receive forgiveness. However, a company usually has permission to continue to operate, with the goal of becoming financially healthy in the future. Recently, the Chapter 11 filings for Roscoe, LLC, and BIMA, LLC have been converted to Chapter 7 filings. This usually signifies a liquidation of assets in order to pay debts.
But fans of the waterfront restaurant need not worry. The restaurant will continue to operate, despite the Chapter 7 bankruptcy. The court wants the iconic restaurant to stay open, but with a trustee monitoring the operations.
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