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Tavern on the Green's name sold for $1.3 million

(Reuters) - New York's famed Tavern on the Green restaurant, which closed after going bankrupt in 2009, will be reborn as a global chain with a charitable twist after a bankruptcy judge approved the sale of the restaurant's name to Tavern International LLC for $1.3 million.

Tavern International will be allowed to use the name in every state except New York state, New Jersey and Connecticut, as well as parts of Pennsylvania, according to papers filed with the bankruptcy court in the Southern District of New York.

Last month, Louis Bivona, a managing member of Tavern International had said the name will allow him to build his business selling premium salad dressings under a license with the Tavern name.

Each bottle of Tavern on the Green dressings and oils, such as Bahia Blackberry Ginger Balsamic Vinegar which fetches $28.95, generates 50 cents for the National Center for Missing and Exploited Children.

Tavern on the Green's romantic setting on the edge of Central Park in New York City charmed throngs of visitors who were willing to forgive what was considered mediocre cuisine.

The case is in Re: Tavern on the Green Ltd Partnership, U.S. Bankruptcy Court, Southern District of New York, No:09-15450.

(Reporting by Tanya Agrawal in Bangalore)

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