Max & Erma's to sell for $24.6M

Max & Erma's will be purchased out of bankruptcy in a deal valued at $24.6 million in cash and assumed debt, according to a reorganization plan filed Friday with the U.S. Bankruptcy Court in Pittsburgh.

Under the plan, which still must be approved by the court, “substantially all” of the casual-dining chain's assets will be sold to Concept Development Partners, which is controlled by CIC II LP of Dallas and CDP Management Partners, based in Malibu, Calif.

Concept

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