According to the Chicago Tribune, the Giordano's pizza chain was sold today (November 16) at auction for $61.6 million to an investor group led by Chicago-based private equity firm Victory Park Capital.
Giordano's and its related entities filed for Chapter 11 bankruptcy protection last February. The company owed nearly $50 million to its principal lender, Fifth Third Bank and about $2 million to two other banks.
The price bid at the auction was reportedly high enough that the company's unsecured creditors may receive some payments on their claims.
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