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Ignite Restaurant Group Inc. (IRGTQ)

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Last Post: 8/23/2017 11:39:30 AM - Followers: 68 - Board type: Free - Posts Today: 22

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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#2119  Sticky Note From Fretitta's mouth: "...Landry's soon appeared in court with LDIGGIDY 08/18/17 08:01:45 PM
#1819  Sticky Note Also, we can end the false speculation that Joe Crab 08/13/17 09:16:34 AM
#1521  Sticky Note *** Tilman Fertitta (Landry's) WON $IRGTQ auction *** FIERCE 08/08/17 05:40:18 PM
#934  Sticky Note Yes $55.1 MILLION DOLLAR Buyout today is the BERKSHIRE AGENT 08/07/17 10:11:42 AM
#599  Sticky Note Common shares will be cancelled. rbtree 08/04/17 10:26:44 PM
#222  Sticky Note This is what i picture monday after court wealthmoney 08/03/17 09:15:13 PM
#2218   The only other asset included in the auction rbtree 08/23/17 11:41:17 AM
#2217   If Tillman keeps IRGTQ does he get the hockeypond 08/23/17 11:39:30 AM
#2216   Yes. Even though the price is 57 million, Joe Crab 08/23/17 11:35:59 AM
#2215   Were you the one that read all the hockeypond 08/23/17 11:34:45 AM
#2214   Completed. Definitively. Right now, even though it's a rcaselli 08/23/17 11:31:07 AM
#2213   It makes clear sense that he would keep PlayInTheGreen 08/23/17 11:13:32 AM
#2212   Deal officially closes. It's like buying a house Joe Crab 08/23/17 11:13:30 AM
#2211   What's the 29th in terms of speaking freely? hockeypond 08/23/17 11:04:49 AM
#2210   How is it we open at .08 with Joe Crab 08/23/17 10:45:18 AM
#2209   EXACTLY!!!A SPOT ON VERY EASY WAY FOR ANYONE Joe Crab 08/23/17 10:42:03 AM
#2208   Why would be buy his own company back PlayInTheGreen 08/23/17 10:35:46 AM
#2207   Call him and tell him that. It might rbtree 08/23/17 10:21:57 AM
#2206   FOX calls Tilman IRGTs CEO in that article Joe Crab 08/23/17 10:12:28 AM
#2205   No, he bought Ignite FOR the crab shacks. MPLuvJoes 08/23/17 10:08:47 AM
#2204   You know, I started this with NOTHING and MPLuvJoes 08/23/17 10:06:25 AM
#2203   Totally. Tillman bought the assets for landrys he 2231663 08/23/17 09:45:17 AM
#2202   Maybe because it's the way the auction was rbtree 08/23/17 09:01:48 AM
#2201   Are you 100% sure about that? Perhaps Fox Hoya Saxa 08/23/17 08:02:20 AM
#2200   Canceled? LMAO-CRMBQ still trades, and back then just Joe Crab 08/23/17 05:05:23 AM
#2199   Then why do the Brick Houses come with Joe Crab 08/23/17 04:44:46 AM
#2198   Hate to break it to ya, but, as rbtree 08/23/17 01:04:00 AM
#2197   Yup. Right up to the day when the rbtree 08/23/17 01:00:05 AM
#2196   I'm definitely holding for the 29th. Curt D 08/22/17 09:02:09 PM
#2195   Thank you, I'm happy with my position here, the third leg 08/22/17 09:00:40 PM
#2194   lordy sell 03?? LOL anybody see what soupq wealthmoney 08/22/17 08:35:01 PM
#2193   Aug 29 Mr Fertitta is free to speak Joe Crab 08/22/17 06:45:14 PM
#2192   Sell Sell Sell and I will Buy Buy Buy. Diversified 08/22/17 06:45:14 PM
#2191   I'm liking the possibilities on certain facts. Thanks the third leg 08/22/17 06:30:35 PM
#2190   MASSIVE BUYS ALL DAY, even the weakling that Joe Crab 08/22/17 06:16:42 PM
#2189   Looks like she goes lower by the day. 2231663 08/22/17 05:51:00 PM
#2188   Quite an accumulation day. Nice end of day Joe Crab 08/22/17 04:46:23 PM
#2187   FOX NEWS just named Tilman Fertitta, IRGTQs CEO. Joe Crab 08/22/17 01:51:18 PM
#2186   The fact that the CEO still holds almost Joe Crab 08/22/17 12:32:25 PM
#2185   I believe Tilman is going to keep this sorc92 08/22/17 12:28:01 PM
#2184   FAKE 1000 share sell drops it to .05 Joe Crab 08/22/17 12:24:11 PM
#2183   Yeah, someone has a lot of faith in Joe Crab 08/22/17 12:15:15 PM
#2182   Nice to see these buys coming in sorc92 08/22/17 12:12:31 PM
#2181   68,OOO+ share buys last few Joe Crab 08/22/17 12:10:44 PM
#2180   It's on the IHUB trades, public info. Someone, Joe Crab 08/22/17 11:49:14 AM
#2179   Weeee up again. Hoya Saxa 08/22/17 11:25:57 AM
#2178   Sounds like fake news lol 2231663 08/22/17 10:56:08 AM
#2177   Now a 2 share sell LOL this thing Joe Crab 08/22/17 10:33:56 AM
#2176   On a 7 share trade walkdown by you? Joe Crab 08/22/17 10:02:21 AM
#2175   4 again I thought you said the cheap 2231663 08/22/17 09:56:12 AM
#2174   Man......that would be awesome! That news would definitely Curt D 08/22/17 01:53:50 AM
#2173   I like rumors also!!! Bring the news stating Diversified 08/21/17 05:50:46 PM
#2172   I like rumors! https://twitter.com/baconboysteve/status/899613561999306752 dennisv 08/21/17 04:03:04 PM
#2171   Weeee down again. 2231663 08/21/17 01:18:44 PM
#2170   It is a great concept and you deserve Joe Crab 08/21/17 07:21:05 AM
#2169   We are waiting for CNBC and other big sorc92 08/21/17 12:58:08 AM
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