Food Industry
Industry: Email Alert RSS FeedItalian Oven Inc. to sell assets to Whitecliff Group
Nation's Restaurant News, Dec 23, 1996
LATROBE, Pa. - Italian Oven Inc., which filed Chapter 11 bankruptcy in October, agreed to sell substantially all of its assets to Whitecliff Group Inc., a Minneapolis-based merchant banker, for $3.5 million in cash and possible future considerations.
Whitecliff, which has interests in hotels, real estate and other businesses, plans to continue efforts to expand the 84-unit chain of casual-themed Italian restaurants, Italian Oven reported.
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The transaction is subject to several conditions, including the completion of a definitive agreement, the approvals of the boards of both companies and the approbation of the bankruptcy court. An agreement is expected later this month.
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