An affiliate of the Original Joe’s restaurant chain has signed a deal to acquire Elephant & Castle Group, an operator of British-style restaurant pubs in the United States and Canada for $22.75 million. The bid could be approved if not better offers are offered for the company, a BusinessWeek article said.

A hearing is slated for November 29 in the U.S. Bankruptcy Court in the District of Massachusetts to approve auction and other sale procedures.

Elephant & Castle filed for bankruptcy protection in the U.S. and Canada in June. The company owes GE Canada Equipment Financing $18.8 million and Fifth Street Finance $3.5 million.

To read the BusinessWeek article in its entirety click here.

Previously on monitordaily: Elephant & Castle Files Bankruptcy; Owes GE Capital Canada $18MM, published June 30, 2011