A Los Angeles court date has been set for March 1 to discuss a plan for the parent company of Roscoe’s House of Chicken and Waffles to emerge from bankruptcy, it was reported Monday.
East Coast Foods Inc. declared bankruptcy in March 2016, just months after the company was ordered to pay $3.2 million to a former employee, Daniel Beasley, who won a wrongful termination and discrimination lawsuit against the locally lauded soul food chain.
East Coast Foods estimated that it has debts between $10 million and $50 million with assets of less than $50,000, in filings with U.S. Bankruptcy Court.
“There is now a plan that could end this case and pay all the creditors 100 percent—which is rare,” stated attorney Robert Marticello, who “essentially” authored the 363-page document filed last week that outlines the restaurant chain’s plan to come out from bankruptcy.
Marticello anticipated It will take six years to execute said plan and completely pay all creditors.
Seven Roscoe’s are located throughout the region—in Hollywood, Long Beach, Pasadena, West Los Angeles, Inglewood, Los Angeles and Anaheim. Plans to open a San Diego location were put on hold last year.
City News Service contributed to this report.
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