Group working to save Casa Bonita buys some of the restaurant’s debt

DENVER, Colo. (KRDO) -- The group Save Casa Bonita bought up a portion of the restaurant's debt in an effort to save the restaurant from closing for good.

In April, Casa Bonita filed for Chapter 11 Bankruptcy, which allows companies the chance to propose a plan of reorganization to keep their business alive and pay creditors over time.

The group, which originally began fundraising in April after the bankruptcy was announced, has so far raised more than $64,000 out of a $100,000 goal.

Andrew Novick, with Save Casa Bonita, LLC, told 9News the group purchased a portion of Casa Bonita’s debt to help pay entertainers and small vendors.

“When they were threatened with eviction by the landlord, then they filed for Chapter 11 reorganization bankruptcy. That protects them from all of their creditors, but what we saw when we looked at the list of creditors, is there was a lot of small organizations that we felt bad for,” Novick said.

Buying up a portion of the debt freed up money to pay a mariachi band, a food distributor, and a janitorial supply company.

Novick also said the group paid some of the people Casa Bonita owed money to, and now his group is a creditor in the bankruptcy case.

For more information on Save Casa Bonita, click here.

For the GoFundMe, click here.