Decision on Packo's future delayed
1/12/2012No decision on the future of the Tony Packo’s restaurant chain was reached Thursday at a hearing in the courtroom of Lucas County Common Pleas Judge Gene Zmuda.
Judge Zmuda called for another hearing on Jan. 26, at which time the parties involved will be asked to provide a better idea of whether a deal can be reached.
Tony Packo’s Inc. has been in receivership since August, 2010.
A deal for local fast-food magnate Bob Bennett to buy the restaurant chain fell through two weeks ago. He told The Blade that Fifth Third Bank attempted to change agreed-upon terms of the deal during the closing.
Last week, Judge Zmuda asked the attorney for the receiver, Steven Skutch, to report Thursday on whether the deal with Mr. Bennett’s company could be resurrected and if not, what the consequences would be for the iconic Toledo restaurant chain.
The parties told the judge Thursday that they were still talking, but that there are significant business issues that need to be resolved. They said they would know better on Jan. 26 whether they can reach a new deal.