Bertucci’s sold at bankruptcy for $20M

Northborough pizza chain Bertucci’s has been bought at bankruptcy auction for a deal worth up to $20 million. 

The buyer, Bertucci’s Holdings, LLC, is an entity owned by Earl Enterprises, the Orlando, Fla. owners of Planet Hollywood, Buca di Beppo and Earl of Sandwich. 

The purchase price is $13 million in new second lien notes, $3.05 million in cash and up to $4 million in credit in the aggregate amount outstanding in debtor-in-possession financing.

The transaction gives Earl Enterprises more locations in New England, as most of the company’s 79 locations are elsewhere in the country.

Bertucci’s, which filed for Chapter 11 bankruptcy in April citing debts of $119 million, operates 59 locations, including in Marlborough, Holliston, Westborough and Framingham.