June 6, 2017 / 6:56 PM / 6 months ago

BRIEF-Ignite Restaurant Group says files for bankruptcy

June 6 (Reuters) - Ignite Restaurant Group Inc:

* Ignite Restaurant Group Inc enters into asset purchase agreement for the sale of Joe’s Crab Shack and Brick House Tavern + Tap

* Ignite and certain of its subsidiaries have filed voluntary petitions for reorganization under chapter 11 of U.S. Bankruptcy code​

* Both Joe’s Crab Shack and Brick House Tavern + Tap restaurants will remain open and operating as usual​

* Piper Jaffray & Co is being retained to conduct a sale process under bid procedures

* Ignite also will be filing a motion for implementation of bidding procedures to allow other companies opportunity to submit bids​

* Anticipates sale transaction, which is subject to customary closing conditions, will be completed within 60 to 90 days​

* Piper Jaffray will seek higher or better offers from bidders interested in buying business as whole or any of its component parts​

* Entered agreement with affiliate of Kelly Cos, pursuant to which it would sell both of its brands for a cash bid offer​ ​ Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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