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Ignite Restaurant Group Inc. (IRGTQ)

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Last Post: 10/10/2017 7:30:01 PM - Followers: 45 - Board type: Free - Posts Today: 0

Ignite Restaurant Group, Inc.
9900 Westpark Drive
Suite 300
Houston, TX 77063
United States
Phone: 713-366-7500
Website: http://www.igniterestaurants.com
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Houston-based Ignite Restaurant Group submitted its Chapter 11 plan and bidding procedures for the company’s two brands— Joe’s Crab Shack and Brick House Tavern + Tap — in bankruptcy court this week.

So far, two companies have officially offered to buy Ignite’s brands. The bidding process will give other companies until 4 p.m. Central Time on Aug. 3 to submit a competing bid.

Houston-based Ignite Restaurant Group submitted its Chapter 11 plan and bidding… more

MICHAEL BARERA VIA WIKIMEDIA COMMONS

When Ignite first filed for Chapter 11 bankruptcy protection in June, the company said KRG Acquisitions Co. LLC, an affiliate of San Diego-based private equity company Kelly Cos., had agreed to buy both brands for $50 million.

Houston-based Landry’s Inc. then filed a bid with the bankruptcy court to buy the brands for $55 million. At the time, Landry’s also described how previous talks with Ignite had fallen apart and objected to Ignite’s earlier bid procedures motion. Landry's, led by Houston billionaire Tilman Fertitta, owned Joe’s Crab Shack in the 1990s and grew the brand to more than 100 locations nationwide before selling it in 2006.

Now, any other company wishing to bid on the brands must offer a purchase price of at least $55.1 million, among other requirements, according to the procedures filed July 6.

If a bid is received that complies with the requirements, it will be included in an auction with the previous bids. The auction is expected to be held on Aug. 7 at 10 a.m. local time at the offices of King & Spalding LLP in Houston. Then, a sale hearing is scheduled for 3 p.m. Aug. 17 in bankruptcy court in Houston. A deal won’t be considered accepted until it’s approved by the bankruptcy court.

Ignite Restaurant Group, Inc., a diversified restaurant company, operates a portfolio of restaurants in the United States. The company operates three restaurants under the Joe's Crab Shack, Brick House Tavern + Tap, and Romano's Macaroni Grill brands. Its restaurant offers a range of food and beverages. As of December 30, 2013, the company owned and operated 136 Joe's Crab Shacks, 20 Brick House Tavern + Taps, and 179 Romano's Macaroni Grills in 36 states. It also franchises 24 Macaroni Grills in 4 states and 10 international markets. The company was formerly known as Joe's Crab Shack Holdings, Inc. and changed its name to Ignite Restaurant Group, Inc. in July 2009. Ignite Restaurant Group, Inc. was founded in 1991 and is headquartered in Houston, Texas.
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PostSubject
#1819  Sticky Note Also, we can end the false speculation that Joe Crab 08/13/17 09:16:34 AM
#599  Sticky Note Common shares will be cancelled. rbtree 08/04/17 10:26:44 PM
#2278   That's what I was lead to believe after LDIGGIDY 10/06/17 01:22:15 PM
#2277   So Happened to be watching the PBS News Captain OnThe Bridge 10/06/17 08:42:13 AM
#2276   "Reorganization Plan" is what the court document is called LDIGGIDY 09/13/17 04:45:31 PM
#2275   So Landry's bought the assets only; the second hockeypond 09/13/17 02:13:33 PM
#2274   so who got left holding the bags? artmaniac 09/12/17 08:55:15 PM
#2273   I have to ask this of anyone who VelvetJones 09/08/17 08:08:57 PM
#2272   I love how Joe Crab and the other VelvetJones 09/08/17 08:03:28 PM
#2271   Unlike LDIGGITY, I never owned this stock. rbtree 09/08/17 11:33:05 AM
#2270   LDIGGIDY - So if you sold out, then MPLuvJoes 09/08/17 11:28:06 AM
#2269   That is exactly what I was saying all rbtree 09/07/17 11:35:44 PM
#2268   I will tell you guys I sold out LDIGGIDY 09/07/17 09:23:58 PM
#2267   Anyone hear any new news about what Tilman sorc92 09/07/17 04:31:29 PM
#2266   Lol! Wow the third leg 09/05/17 07:09:33 PM
#2265   Just saw that on the news amazing! wealthmoney 09/05/17 05:52:52 PM
#2264   Fertitta doing Fertitta... just bought the Houston Rockets OrangeShovel 09/05/17 09:50:56 AM
#2263   Man this place is a graveyard haha QServus 09/04/17 09:25:17 AM
#2262   What's behind IRGTQ movement? A Strong Uptrend! dennisv 08/30/17 09:11:02 AM
#2261   lol yup . Hope Tilman will keep these sorc92 08/29/17 11:14:38 AM
#2260   Yea hopefully we see some action here soon, fred1963 08/29/17 10:20:06 AM
#2259   Atleast here we have a real billionaire in PlayInTheGreen 08/29/17 10:16:42 AM
#2258   Yea I agree fred1963 08/29/17 10:13:49 AM
#2256   Yes, I have bought blue chips that went PlayInTheGreen 08/29/17 10:05:54 AM
#2255   Somebody is a believer, nice fred1963 08/29/17 09:44:39 AM
#2254   Loading zone is coming for sure. Bid/ask at PlayInTheGreen 08/29/17 08:12:38 AM
#2253   I see everyone is dumping this now. Loading Diversified 08/28/17 01:46:04 PM
#2252   Where did you hear or read this fred1963 08/28/17 01:14:28 PM
#2251   Be safe up there brother, we left Carlsbad,NM thirdcoast 08/27/17 10:33:01 PM
#2250   Man , you guys are getting pounded on sorc92 08/27/17 11:54:43 AM
#2249   Yep, it's still coming down heavy here in Hoya Saxa 08/27/17 09:28:56 AM
#2248   I look for Mr. Fertitta to extend a thirdcoast 08/26/17 09:19:42 PM
#2247   Gotta a link Joe? thirdcoast 08/26/17 09:07:50 PM
#2246   Google Alerts IRGTQ: http://bigcharts.marketwatch.com/quickchart/quickchart.asp? dennisv 08/26/17 10:22:28 AM
#2245   Looks like the Aug 29 date got pushed Joe Crab 08/26/17 09:40:33 AM
#2244   People Getting Nervous! Some Speculation On A Payout? dennisv 08/25/17 02:34:09 PM
#2243   BINGO! Joe Crab 08/24/17 11:25:08 AM
#2241   IRGT(Q) returns to his glory's years! dennisv 08/24/17 10:56:49 AM
#2240   Then show us the documents where it states hockeypond 08/24/17 10:54:52 AM
#2239   Might see a LOT of buys coming in Joe Crab 08/24/17 09:41:13 AM
#2238   Awesome! No Joe's Crab near me, otherwise I'd Curt D 08/24/17 09:23:00 AM
#2237   Accumulated 200k. Looking forward to the future here. Diversified 08/24/17 09:19:28 AM
#2236   And this is why I'm holding my remaining Curt D 08/24/17 09:10:01 AM
#2234   Yah Tilman wants 57mil worth of used restaurant PlayInTheGreen 08/24/17 07:19:42 AM
#2233   Exactly War- When National TV Media picks up Joe Crab 08/24/17 06:58:17 AM
#2232   LOL Nice catch. We all know that it Joe Crab 08/24/17 06:49:45 AM
#2231   Where are the court documents and why did PlayInTheGreen 08/24/17 05:15:23 AM
#2230   Precisely and well stated, VelvetJones rbtree 08/24/17 01:43:20 AM
#2228   Your nickname must be Sherlock. There is not Joe Crab 08/23/17 09:15:45 PM
#2227   IRGTQ this may not be the best way Johnstown 08/23/17 08:17:28 PM
#2226   The potential is definitely worth the gamble. Curt D 08/23/17 06:46:11 PM
#2225   I appreciate you staying on top of things. WAR_CTR4Hire 08/23/17 06:35:05 PM
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