Delivery alert

There may be an issue with the delivery of your newspaper. This alert will expire at NaN. Click here for more info.

Recover password

$1.75M Sale OK’d for Two Garduño’s

ALBUQUERQUE, N.M. — Garduño’s has a new owner and it will remain a New Mexican-owned company.

A Bankruptcy Court judge on Wednesday approved the $1.75 million sale of two Garduño’s restaurants, two liquor licenses, recipes, furniture, fixtures, logos and more to Synergy Ventures Inc., which also owns Keva Juice Southwest.

The sale was approved after several objections to the sale were settled.

Objections – including two other offers and a concern over payment of the debt attached to five liquor licenses for sale, among other issues – have been resolved, said Chris Pierce, attorney for Michael Caplan, trustee in the Tortilla Inc., parent company of Garduño’s, bankruptcy case.

“This was the highest and best price for this property,” Pierce said.

Synergy Ventures Inc. was the only company to negotiate deals for the Winrock and Cottonwood restaurant buildings and property – which were not owned by the bankruptcy estate. Synergy is currently under contract for the Cottonwood Garduño’s building and land and is working on a lease for the Winrock location, said Tug Herig, who along with Jack Harney and hotelier Jim Long, are partners in Synergy Ventures Inc.

Herig said they plan to continue Garduño’s as Garduño’s.

“We’re going to hopefully have the same experience people had in the past – mariachi music, great cuisine and great margaritas,” he told the Journal on Wednesday.

A closing date for the sale is July 20, according to court documents.

Three liquor licenses that were attached to the Garduño’s locations that closed are also for sale as part of the bankruptcy estate, each priced at $260,000. Restaurateur George Daskalos has made an offer for one of those licenses, but that has yet to be approved by the court.

Tortilla Inc. filed for Chapter 11 bankruptcy protection in March 2010. The case was converted to Chapter 7 liquidation at the end of February after creditor AdvanceMe Inc. asked the court to approve the move.

— This article appeared on page B4 of the Albuquerque Journal

TOP |