DESTIN - The chef behind several upscale restaurants is bankrupt but still cooking - and calls the decision to file for straight bankruptcy his chance for "a fresh start."
"I got bigger than I needed to get," longtime chef Tim Creehan said Tuesday, three days after the opening of his wife's new Beach Walk Cafe at Henderson Park Inn in Destin, where he will be the chef. "I feel like I'm starting back where I was 11 years ago, with a lot more education, a lot more knowledge of the market."
Creehan filed for Chapter 7 last week and the federal Bankruptcy Court in Pensacola sent a notice to creditors Tuesday.
His business slowed in 2008 and he closed his Beach Walk Cafe, Copper Grill and Bluz Grill & Bar in December, ostensibly for the winter. That was once the norm before Destin boomed.
But early 2009 looked to be a bust, and Creehan was hoping to save payroll costs while still paying rent. He planned to reopen as tourists returned to the Emerald Coast.
"The Copper Grill landlord was OK with it," Creehan said of the plan.
But the lease for the Inn at Crystal Beach, home of the Beach Walk, required him to be in business.
"They were going to evict me" instead, Creehan said. "That then triggered the calling of a pretty substantial loan ... and that loan was not going to be able to be paid back."
The new Beach Walk opened Saturday at Henderson Park Inn off Scenic U.S. Highway 98, where Creehan said the bankruptcy claim came as a "blessing" and an opportunity to pare down.
Under Chapter 7, Creehan will turn over all his non-exempt property to a trustee - in this case the Pensacola law office of Sherry Chancellor - to convert it to cash and divide it among creditors.
A meeting of Creehan's creditors is scheduled for April 8 in Pensacola.