Bloomberg News

Dylan Prime in Tribeca Files Bankruptcy After City Shutdown (1)

May 01, 2013

Dylan Prime, a steakhouse in New York’s Tribeca neighborhood, filed for bankruptcy after being closed by the city last month for failing to pay sales taxes.

The restaurant, owned by LKS Concepts LLC, will reopen in about three months with money from new investors, John Mautone, an LKS managing partner, said today in a phone interview.

A deal had been pending for five months when the city’s Department of Taxation and Finance padlocked the premises at 62 Laight Street on April 3, Mautone said. The restaurant owed more than $741,000 in sales tax as of that date, according to court papers. Mautone, who owns 51 percent of LKS, said he will remain involved with the new group.

“We’ve been here for 13 years,” Mautone said. “Management will remain the same, most of the staff will be back, but we’ll probably seek a new leader in the kitchen.”

Dylan Prime listed assets of $62,200 and debt of $2.2 million in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Manhattan. Its largest unsecured creditor is listed as landlord E&G Realty, owed about $1.4 million.

The restaurant had 49 employees, according to court papers.

The case is In re LKS Concepts LLC, 13-bk-11390, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Sophia Pearson in Philadelphia at spearson3@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net


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