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Fortress Completes Acquisition of Craftworks


On March 3, 2020, CraftWorks Holdings, LLC and its subsidiaries filed voluntary petitions to restructure under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.  K&S advised Fortress Credit Co LLC and its affiliates in their capacities as (i) the prepetition term loan agent and sole term loan lender under CraftWorks’ prepetition first lien facility; (ii) the agent and sole lender under a new money debtor-in-possession facility; and (iii) the stalking horse bidder for substantially all of CraftWorks’ assets through a credit bid.   

On May 4, 2020, Fortress and CraftWorks entered into an Asset Purchase Agreement reflecting Fortress’ stalking horse purchase.  The sale will result in the re-opening of at least 150 restaurant locations, and the preservation of thousands of jobs.