Atlanta Journal Constitution:
The corporate owner of a half-dozen Sonny’s Real Pit Bar-B-Q franchises in metro Atlanta is close to emerging from Chapter 11 bankruptcy, some six months after filing for protection.
A federal judge in U.S. Bankruptcy Court in Atlanta this week approved Greater Atlanta Bar-B-Q LLC’s disclosure statement, paving the way for the Newnan-based company to seek creditors’ approval of its reorganization plan.
The court deadline for approval of the plan is April 20. Sonny’s has restaurants in Marietta, Lawrenceville, Athens, Conyers, Buford and Jonesboro.
Together, the franchises employ some 260 people.
The plan proposes restructured payments to secured creditors such as Sysco Food Services, which is owed $392,000. Unsecured creditors could receive 50 percent payment over a three-year period, according to the plan.
