Former Hoffbrau Co-owner Files for Bankruptcy

A former co-owner of the historic Fayetteville restaurant and bar Hoffbrau Steaks of Arkansas Inc. filed for Chapter 7 bankruptcy liquidation on Aug. 5. The restaurant’s former co-owner, Matt Charboneau, represented by his attorney Gary L. Carson of Fayetteville, claimed about $256,200 in assets and $806,530 in liabilities.

Charboneau sold his interest in the restaurant in spring 2004. The restaurant is owned by his sister, Margaret Charboneau.

Centennial Bank in Little Rock was the only Arkansas creditor with a secured claim, which was listed at $43,000 for a second home mortgage. Unsecured priority claims are held by the Arkansas Department of Finance and Administration ($75,000) for unpaid sales tax from Hoffbrau and the Internal Revenue Service ($141,000).

The only Arkansas creditors with unsecured claims include The Bank of Fayetteville N.A. ($95,000), Sysco Food Services of Arkansas in Little Rock ($17,000) and Washington Regional Medical Center ($1,980).

Matt Charboneau’s current income disclosure shows he earns about $70,000 per year in the marketing department at Tyson Foods Inc. in Springdale. According to the documents, the Charboneaus had been making aggressive payment attempts but could no longer keep up. The company had filed for Chapter 11 reorganization last year.