BiState Bistro Associates of Chesterfield, which operates a dozen TGI Fridays restaurants, included an outline for a reorganization plan and said it hopes to cut its more than $9.5 million in debt in a bankruptcy it filed June 2.
The Chesterfield business, controlled by Steve Bell and Bradley Bax, sought bankruptcy June 2 in the U.S. Bankruptcy Court for Eastern Missouri. The action came after facing increased expenses with a TGI Fridays remodeling program that came at the same time revenue at its restaurants started to drop as the economy declined, BiState Bistro said in its bankruptcy disclosure. Its largest secured creditor is General Electric Capital Corp., which is owed about $5.6 million, according to bankruptcy court
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