Bankruptcy may be next on restaurant operator Avado Brands’s menu. And though one source said the company has already approached its bondholders, another source expected the company to have a difficult time selling the bulk of its assets if need be. A distressed analyst who declined to be identified said a major bondholder told him that the company has already approached them. “I don’t know if they’re working out some sort of prepackaged deal at this point,” but given where the bonds are trading, he said he expected some sort of restructuring to occur. The analyst refused to reveal the identity of the bondholder, but added that the source told him the bondholders have not yet retained a financial advisor.
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