Andre Rochat, the chef behind Andre’s at the Monte Carlo and Alizé at the Palms, was approved for Chapter 11 reorganization in U.S. Bankruptcy Court on Tuesday. Rochat found a way to cut down his “$4.7 million debt by more than half by getting a bank to accept a short sale on his former downtown location at 401 S. Sixth St., and by paying off others in installments running as long as five years.”
His downtown location will be the future home of DW Bistro.
The original Andre’s opened downtown in 1980. The Las Vegas Review-Journal reports, “That location ran at a profit until Sept. 11, 2001, then posted losses until it closed on New Year's Eve 2008.”
Andre's at Monte Carlo opened in 1997, followed by Alize four years later. He even had plans to include Andre’s in CityCenter until he remodeled the Monte Carlo location.
Rochat attempted to carry the restaurants with personal money, but could not sustain it. In addition, he parted with his longtime business partner and close friend, Mary Jane Jarvis, creating a $560,000 liability.
Last September, Plaza Bank, which held the mortgage on the downtown location, accept a $572,000 short sale on that property, leaving Rochat with $2.6 million in debt.
· Celebrity Chef Rochat Gets OK to Exit Bankruptcy [LVRJ]
Andre Rochat [Photo: Courtesy]