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CHARLOTTE — Back Yard Burgers has filed for Chapter 11 bankruptcy protection after shuttering its Charlotte-area restaurants.
The U.S. Bankruptcy Court for the Western District of North Carolina has consolidated affiliated filings under the Tantum Companies LLC. Tantum CEO Mark Cote, in a declaration filed with the court on June 27, says a Chapter 11 restructuring is necessary to maximize the value of the debtors’ estates, provide the greatest recovery for stakeholders and preserve ongoing operations.
Charlotte-based Axum Capital Partners — co-owned by former Carolinas Panthers wide receiver Muhsin Muhammad II — bought a controlling interest in Back Yard Burgers in 2017. The bankruptcy petition is signed by managers including Muhammad, Denis Ackah-Yensu, Raymond Groth, Jim Phillips.
Axum has also filed for Chapter 11 protection for Wild Wing Cafe.
Keep reading here.
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