Andre Rochat, owner of Alize’ and Andre’s in Las Vegas, filed chapter 11 bankruptcy for himself and three businesses to reorganize millions of dollars in debt. Rochat’s restaurant-management company, Gastronomy Management Group, is the third business included in the filing.
Rochat’s real estate holding company, A&A, filed for chapter 11 bankruptcy in January 2011.
The bankruptcy petition shows Alize at the Palms lost $93,000 in 2010, and Andre’s at the Monte Carlo lost $290,000 in the same year. Joseph Marsco, Gastronomy’s director of operations, said that they took on too much debt while the economy tanked.
The main issue driving the bankruptcy filings are foreclosure attempts by Plaza Bank, successor to failed SouthwestUSA Bank. Records filed with the court show that Rochat has been in litigation with Plaza Bank. The bank also claims that Rochat may be liable for any deficiency balance under his personal guarantees. Rochat and the three companies listed $2.3 million in claims held by Plaza Bank in the petitions.
Plaza Bank objected to the sale of the site of the original Andre’s restaurant, held under A&A, Inc.
Rochat’s personal bankruptcy filing lists liabilities of $4.25 million. Most of the amount appears to stem from personal guarantees for business debt. His personal assets total $418,000 according to the filing.
Benjamin Brand Services – Chicago bankruptcy attorney