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Posted: August 12, 2011 12:00 a.m.

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Blue Willow files to exit bankruptcy

The Blue Willow Inn recently filed paperwork with the court to begin its exit from bankruptcy.

According to turnaround consultant J.D. Holmes, the Blue Willow filed Chapter 11 in July 2010. The filing was prompted by threatened foreclosure of a new retail/office center that the owners, Louis and Billie Van Dyke, constructed on land adjacent to the restaurant property. The new complex opened just as the real estate bubble burst causing it to default on its mortgages.

The publicity of the bankruptcy and subsequent death of Louis Van Dyke, gave the perception that Blue Willow had closed, which temporarily affected its revenues.

With improved marketing and operational efficiencies, the Blue Willow has returned to consistent profitability as it completes its recovery in bankruptcy.

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