Landry’s lands Minneapolis-based Oceanaire restaurants in deal
Minneapolis’ Oceanaire Inc., the high-end seafood restaurant chain that tumbled into insolvency last year, will live on to ply its delicacies of the deep — but under a new owner, Houston-based Landry’s Restaurants Inc.
Oceanaire filed for Chapter 11 bankruptcy reorganization in July, one of scores of restaurant chains felled by a recession that bit deep into consumers’ discretionary spending. Oceanaire closed four restaurants, but its other 12 outlets remained open, as is custom in Chapter 11, while the company looked for financial relief.
That relief is expected to come in a $24 million deal with Landry’s, a publicly traded company with a stable of over 20 restaurant brands, including Rainforest Cafe, a concept also born in Minnesota. The deal needs federal bankruptcy court approval, which could come as early as next week.
The sale would provide $6.6 million for Oceanaire’s creditors, while Landry’s would assume about $17 million in Oceanaire debt, said Terry Ryan, Oceanaire’s chief executive.
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