Ivan Reich was recently quoted in the South Florida Business Journal regarding Salt7’s parent company filing for Chapter 11 bankruptcy.
Reich represents the restaurant and told the Business Journal that it filed for bankruptcy due to a dispute with its landlord over dock usage and rent obligations.
According to Reich, Salt7’s lease agreement with Loyca Property Owner LLC included dock usage, which was essential for attracting the restaurant’s boating clientele. However, he claims the landlord failed to secure the necessary city permits to make that access possible.
“We think there’s a solution out there,” Reich said. “There’s discussions with a potential buyer to sell the business and make sure everyone gets paid.”
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To learn more about Mr. Reich and his work as lead of the firm’s Bankruptcy, Insolvency and Restructuring Practice Group, you can click here.
