Houston-based Pappas Eating places has positioned itself to buy On The Border Mexican Grill & Cantina, a sequence headquartered within the Dallas space that filed for chapter earlier this month.
OTB Lender LLC, an affiliate of Pappas Eating places, supplied On The Border with hundreds of thousands in financing to assist cowl prices related to On The Border’s chapter 11 chapter submitting in a federal court docket in Atlanta, Georgia, in response to court docket filings and a March 5 information launch from On The Border. Chapter court docket paperwork present the Pappas affiliate is a stalking-horse bidder, which means it supplied the preliminary bid for buying On The Border’s belongings.
“The Firm anticipates coming into into an asset buy settlement with an affiliate of OTB Lender, LLC shortly after the graduation of the Chapter 11 circumstances,” On The Border said in its March 5 information launch.
Pappas Eating places didn’t reply to a request for remark.
On The Border, a sequence of Tex-Mex eating places based mostly in Irving, opened in 1982 and has a complete of 80 places in the US and internationally. The corporate doesn’t function within the Houston space.
Pappas Eating places is a longtime staple within the Houston area, with well-known eateries reminiscent of Pappasito’s Cantina, Pappadeaux Seafood Kitchen and Pappas Bar-B-Q. The corporate has opened greater than 100 eating places and operates in Texas and 7 different U.S. states, in response to its web site.
