This Italian Restaurant Chain Had A Clear Plan Before Filing For Bankruptcy

Numerous restaurants have filed for bankruptcy in 2025, ranging from numerous plant-based restaurant chains to a Subway franchisee filing for bankruptcy. Now, Pinstripes — an Italian restaurant known for its bowling, bocce, and bistro — has similarly entered into bankruptcy. However, before filing, Pinstripes and one of its lenders, Silverview, created a recovery plan known as a restructuring support agreement (RSA) in order to best manage the bankruptcy process. 

Early signs of trouble arose in March 2025 when Pinstripes was delisted from the New York Stock Exchange. This delisting occurred because the business didn't maintain an average global market capitalization rate of at least $15 million over a consecutive trading period of 30 days. Then, on September 8, after making its agreement with Silverview, Pinstripes Holdings, Inc. — and its four affiliates — filed for bankruptcy. Per court documents, the company has amassed $143 million in debt from numerous lenders. 

Another part of the company's preparations for bankruptcy — and as part of a general scaling down of operations — included Pinstripes making the decision to close ten of its 18 locations. With that said, the company's still-open locations include: San Mateo, California; Northbrook, Oak Brook, and South Barrington, Illinois; Bethesda, Maryland; Edina, Minnesota; Cleveland, Ohio; and Washington, D.C.

As part of Pinstripes' restructuring support agreement, the company will sell its assets in an expedited manner — with Silverview agreeing to serve as the stalking horse bidder. This term refers to the first bid given on a bankrupt company's assets, meaning that Silverview's bid would serve as the bottom figure for any potential bidding war but still leave the process open to other bids — much like what happened with hardware store, True Value's bankruptcy. Their bid provides $1.6 million in cash and $15 million in a credit bid. This credit bid means that Silverview would use $15 million of what Pinstripes already owes them towards the purchase price. 

Silverview also agreed to take on the responsibility of some of Pinstripes liabilities, as well as provide up to $3.8 million towards debtor in possession funding or DIP funding. This form of financing is particularly important to Pinstripes' fans as it will allow the company to continue operating its 8 remaining locations as a restaurant chain while reorganizing under Chapter 11.