Spice Modern Steakhouse Files Its Fourth Chapter 11 Bankruptcy in Seven Years

by San Antonio Attorney

Spice Modern Steakhouse, a neighborhood restaurant in downtown Orlando, filed its fourth a voluntary bankruptcy petition on Nov.  15.

The restaurant is still open to customers and the Chapter 11 filing occurs at the same time its owners filed their bankruptcy petition.

Level 1 Inc., the parent company owned by Manuel and Brea Tato, and Spice Modern Steakhouse has $76,464 in assets and $419,865 in debts.

But a large portion of its debts are attached with the owners, who owe more than $6 million to creditors.

The restaurant itself has $262,105 debt to a bankruptcy unit of Florida Department.  It also owes $30,697 to Post Apartment Homes LP.

It also stated about $39,000 in debt to Traveler’s Indemnity Insurance.

The steak-focused eatery opened in on Park Avenue and then later expanded to the Lake Eola location in 2008.

The following year, it filed for bankruptcy.  Its second and third bankruptcy filings were in 2011 and 2013 respectively.

The petition was filed with the U.S.  Bankruptcy Court for the Middle District of Florida in Orlando.

There are so many restaurants across the country that are filing for bankruptcy or closing down.  A great number of these eateries usually have two factors working to their advantage: popular brand names and locations in high-traffic areas.

According to analysts, over-saturation, trendy fast-casual dining, and customers’ choice to simply eat at home are the major reasons why the restaurant industry is experiencing a dramatic increase in bankruptcies.

Chapter 11 bankruptcy allows distressed businesses to restructure their debts and make the most of the return to their owners and creditors.

If you are burdened with excessive debt or just find it hard to keep up with your bills, San Antonio Lawyers who specialize in bankruptcy can help you get back on your feet, eliminate debt, and get a fresh start.

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