🎳New Chapter 11 Bankruptcy Filing - Pinstripes Holdings, Inc. ($PNST)🎳
Bocce-bowling-eatery rolls a gutterball and seeks a sale in chapter 11
On September 8, 2025, Illinois-based Pinstripes Holdings, Inc. ($PNST) and four affiliates (collectively, the “debtors”) rolled a gutterball and filed chapter 11 sale cases in the District of Delaware (Judge Owens). We covered this “eatertainment” op, which pairs “from-scratch” “… Italian-American cuisine with bowling, bocce, and private events …,” including (allegedly) weddings, back in June.
In that piece, we noted that the debtors had appointed an interim CFO — Richard Abby — from AlixPartners LLP (“Alix”) in February ‘25 before signing up a debt-for-equity-swapping letter of intent (“LOI”) with 2L lender Oaktree Capital Management (“Oaktree”) a month later.
But three months after, the transaction hadn’t closed, which prompted us to query …
“Is Alix still in there? Is Oaktree going forward with the LOI? Or did it uncover something sketch and get cold feet?”
… and posit …
“If this does end up filing a chapter 11, we have a hard time imagining a company of this size will ultimately use Alix as its in-court financial advisor. Oaktree doesn’t typically enjoy incinerating its cash.”
Bang. On. Observations.
Because, no, Alix ain’t still there. Heck, it wasn’t there when Johnny pushed that piece ☝️ out. The debtors brought on CR3 Partners, LLC (“CR3”) in late April ‘25 (not that that was made public).
But that’s not to say Alix has no role in these cases. It absolutely does:
Enough to occupy spot 20 on the debtors’ top 30 GUC list, having departed from the debtors with $740.8k unpaid. Luckily, it’ll have some great company. It’s joined by Katten Muchin Rosenman LLP (owed ~$2.3mm, taking 4th place behind three landlords), which represented PNST in its ‘24 middle market deal of the year, as well as prior i-banker Piper Sandler & Co. ($PIPR) ($642.0k), which was snubbed for the filing in favor of Hilco Corporate Finance, LLC (“Hilco”).
As for Oaktree, aside from a lingering (and worthless) equity interest, it’s peaced out entirely. Per CRO and first day declarant James Katchadurian of the aforementioned CR3, on July 1, 2025, “… Oaktree [] exited its position for a fraction of the face amount of its debt by selling its debt to certain entities associated with …” senior lender Silverview Credit Partners LP (“Silverview”). Which is one “bankruptcy alternative” all right.**
Anyway, here’s the full petition date debt stack …
… but you can largely ignore the Granite facility. It has a priority claim to specific furniture, fixtures, and equipment (“FFE”) that’s utterly worthless to the go-forward enterprise. The debtors carved the FFE out of the DIP collateral, closed all locations that contained it, filed a motion to reject the leases for those locations on the petition date, aaaaaaand already agreed to stay relief so it can be disposed of.
We hear this is how the convo with Granite went down:
As a result, the debtors dipped from eighteen locations (with a few more under construction) to a grand total of eight. Folks whose interests intersect at Italian-American-bocce-and-bowling located in Chicagoland,* Maryland, Ohio, Minnesota, California, and DC are safe for now, but their brethren in Texas, Connecticut, Kansas, New Jersey, Florida, and Washington will have to find a new location for their special day.
So what’s the go-forward plan with the survivors? You already saw that Oaktree doesn’t want to own this sh*tco. Silverview, though, is game. It is credit bidding $15mm, paying $1.6mm in cash, taking on cure costs, and funding postpetition rent and Hilco’s banker fee of … $300k.*** Although it has another ~$106m of dry powder to up the price if needed.****
And Silverview wants to get the sale done FAST. The DIP’s milestones require bids to be submitted within 35 days of the petition date, an auction within 40, a sale hearing within 45, and a closing within 50 (i.e., October 28, 2025).*****
While on the topic, to fund the cases, Silverview is dropping in a $3.8mm DIP term loan, of which ~$3.2mm is new money and $540k is a roll-up of a late August ‘25 bridge loan. The DIP bears interest at 10% PIK and has zero other fees, including, strangely, payment of the Silverview’s professional fees.
The court held a first-day hearing on September 10, 2025, at which all requested relief was granted, and scheduled the second day hearing for October 7, 2025 at 2pm ET. In the interim, the court will take up bidding procedures on September 22, 2025 at 10am ET.
The debtors are represented by Young Conaway Stargatt & Taylor, LLP (Michael Nestor, Sean Beach, Elizabeth Justison, Shella Borovinskaya, Mariam Khoudari) as legal counsel, CR3 (James Katchadurian, Mike Juniper) as financial advisor and CRO, and Hilco as investment banker. Silverview is represented by Alston & Bird LLP (James Vincequerra, Stephen Blank) and Blank Rome LLP (John Lucian, Regina Stango Kelbon, Stanley Tarr, Lawrence Thomas III) as legal counsel. Landlord Federal Realty OP LP is represented by Ballard Spahr LLP (Leslie Heilman, Laurel Roglen, Margaret Vesper, Erin Williamson).
*Folks in Chicago burbs must really love this biz. It has three of the surviving locations, with every other location keeping just one.
**We wonder how much White & Case LLP charged Oaktree to navigate this sh*t show.
***No wonder PIPR got booted. Hilco is working for a 🥜.
****Each remaining location generates ~$7.4mm per year, 80% of which is from food and beverages and only 20% of which is from games. Regardless, based on the most recent financials available and with the caveat that the data includes now-exited locations, even after deducting out interest expense, the business operates at a loss.
*****The entire sale process falls within the Delaware-standard, 75-day challenge period, so we’re curious to see how it plays with the official committee of unsecured creditors (if appointed).
Company Professionals:
Legal: Young Conaway Stargatt & Taylor, LLP (Michael Nestor, Sean Beach, Elizabeth Justison, Shella Borovinskaya, Mariam Khoudari)
Financial Advisor and CRO: CR3 Partners, LLC (James Katchadurian, Mike Juniper)
Investment Banker: Hilco Corporate Finance, LLC
Claims Agent: Epiq (Click here for free docket access)
Other Parties in Interest:
Silverview Credit Partners LP
Legal: Alston & Bird LLP (James Vincequerra, Stephen Blank) and Blank Rome LLP (John Lucian, Regina Stango Kelbon, Stanley Tarr, Lawrence Thomas III)
Landlord: Federal Realty OP LP
Legal: Ballard Spahr LLP (Leslie Heilman, Laurel Roglen, Margaret Vesper, Erin Williamson)