Luby's Completes Sale of 26 Real Estate Properties for $88 million
Luby's, Inc. (LUB)
US:NYSE Investor Relations:
lubysinc.com/investors
Company Research
Source: PR Newswire
HOUSTON, Oct. 1, 2021 /PRNewswire/ -- Luby's, Inc. (NYSE: LUB) ("Luby's"), which is in the process of monetizing its assets for the benefit of its shareholders, announced today that it has completed its previously announced sale of 26 real estate properties to STORE Capital for $88,000,000.Luby's utilized a portion of the proceeds from this sale and previous sales to repay its senior lender, MSD PCOF Partners VI, LLC, in full.Updated Estimate of Net Assets in Liquidation under the Liquidation Basis of Accounting As a result of Luby's shareholder approval of its plan of liquidation on November 17, 2020, effective November 19, 2020, in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company began reporting its financial results on the liquidation basis of accounting. The liquidation basis of accounting requires, among other things, that management estimate asset sales net proceeds on an undiscounted basis, as well as includes in the Company's assets and liabilitie
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