The trustee overseeing the bankruptcy case of the Upper Crust pizza chain has proposed a Dec. 19 auction date for the company's leases, licenses, equipment and inventory.
An emergency hearing to set the auction schedule has been requested by trustee Mark DeGiacomo, who closed the company's 10 locations earlier this month after it filed for Chapter 11 bankruptcy protection in October.
It will be up the court to determine the schedule, according to DeGiacomo, who called the suggested Dec. 19 auction date, and a proposed due date for bids two days earlier, "pretty aggressive."
"The judge and creditors will have the opportunity to tell us whether those dates make sense or not," he said.
DeGiacomo also has recommended that the auction be held at a Boston hotel due to the large amount of interest from potential buyers. About 50 companies have expressed interest in buying parts or all of the business.
Upper Crust, which employed about 170 workers, has up to $4 million in debt, and auction proceeds would be used to pay its creditors.
The company defaulted on its TD Bank loans in September. Its troubled operations include a 2009 U.S. Department of Labor investigation that resulted in an order to pay $342,000 in back wages to 121 workers, who filed a class-action lawsuit in 2010 alleging they had been pressured to return those wages.
This past April, Brendan Higgins and Joshua Huggard sued fellow co-owner Jordan Tobins, alleging he improperly used corporate credit cards and divested corporate funds for his personal use. ZVI Construction Co. also has filed a complaint against Upper Crust, alleging its owed $700,000, according to court documents.
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