Money Makers Mentor

Bankrupt Il Mulino Granted Debtor-in-Possession Funds

Il Mulino, once a scion of the New York City dining scene, has declared several of its locations bankrupt. The restaurant’s owner received access to a second round of Debtor-in-Possession funds on November 12, 2020. But the owner and the restaurant’s largest creditor, BSP Agency, LLC, are fighting over who the restaurant actually belongs to.

The company accessed the first $1 million of the DIP funds on October 3, 2020. A judge granted access to the remaining $2.1 million in DIP funds on November 12.

Il Mulino owner Gerald Katzoff claimed BSP pressured him to apply for Paycheck Protection Plan funds from the U.S. Government, according to Bankrupt Company News. After doing so, Katzoff asserted that BSP management mounted a hostile takeover attempt.

BSP has filed a stalking horse …

Leave A Reply

Your email address will not be published.