Wednesday, December 31, 2008

Lender Seeks Receivership After Local Restaurant Holding Company Misses Payment

Posted By on Wed, Dec 31, 2008 at 2:15 PM

The parent company of Amerigo restaurant says it is in talks with GE Capital to restructure its $8.5 million debt after GE filed suit in federal court here seeking receivership. 

The lender claims that the debt of Vivid Restaurant Concepts LLC is greater than the value of the assets it offered as collateral on a loan originated in 2006. The loan was obtained by David Blackburn and Paul Schramkowski to buy the company and expand Amerigo restaurants into Louisville and Knoxville.

A Vivid spokesman said the action will not affect day-to-day operations at the eateries. has a full story with additional details available today to subscribers and freely available later in the week.

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