Andre Rochat, chef and longtime Las Vegas restaurateur, filed for Chapter 11 bankruptcy on July 8th, along with three of his businesses.
Chapter 11 bankruptcy is a form of bankruptcy that involves a reorganization of debt. A struggling business can keep its doors open during the process, and creditors may participate in the process as well. Rochat, Andre's French Restaurant Inc. at the Monte Carlo hotel and casino, Alize at the Palms hotel and casino and Gastronomy Management Group, Rochat's management company, filed at the U.S. Bankruptcy Court for Nevada.
Rochat's personal bankruptcy filing stated $4.25 million in liabilities and nearly $418,000 in personal assets. Two of the key creditors in the matter include Plaza Bank, which has claims of more than $2.3 million, and Mary Jane Jarvis, who is owed $560,000 as an arrearage on an executory contract.
The management company and two restaurants together employ approximately 90 people. According to Joseph Marsco, the director of operations and managing partner at Gastronomy, the restaurants are on track to becoming more profitable. They have good relationships with the hotel-casinos, and bankruptcy filings were only necessary due to unsuccessful efforts to resolve financial difficulties outside of the courtroom.
Filing for bankruptcy, whether under Chapter 11, Chapter 13 or
Chapter 7 of the U.S. Bankruptcy Code, can be a difficult undertaking without proper legal counsel. During these complex legal proceedings, an experienced lawyer can ensure your legal rights and financial interests are protected and that the process goes as smoothly as possible. This is the level of legal counsel that the team at the Long Island law firm of Jacoby & Jacoby is dedicated to providing.
Contact a Long Island bankruptcy attorney at the firm today.