Projo Biz Blog

Shine said that Conte has told him there is an outstanding mortgage debt of about $130,000 and vendor claims that could be in the range of $300,000.

The exact amount of indebtedness won’t be known until the creditors file their claims with Shine.

Under state law, a receiver is authorized to take possession of the property and assets of the business. Shine said that he will put the business up for sale.

“Our objective is to market the restaurant, which is in a terrific location, and to solicit offers for it, and sell as a restaurant,” Shine said in an interview. “We have already had a number of inquiries, so we think there’s significant interest in the purchase of a restaurant.”

There have been no bids so far, he said.

Once a bid is accepted, Shine said he will present information about the bid and the bidder to the court for its approval.

Raphael Bar Risto’s roots date back 25 years. Conte opened the first Raphael's in 1983 in a tiny place in North Kingstown. But before long, he moved the restaurant to Providence after he was encouraged to do so by former Providence mayor Vincent A. “Buddy” Cianci, Conte told The Providence Journal last year.

In 1998, Conte moved his establishment from South Water Street to its current location, on the edge of Waterplace Park, near the Capital Grille and Union Station Brewery.

Raphael’s became know for its sophisticated Italian menu and a distinct visual style that was urbane, sleek and modern, according to a Providence Journal restaurant review. It was described as having a high-energy, loud atmosphere with music pulsating from the bar and tables. Its décor included blond wood, light colors and pop portraits of Frank Sinatra and Marilyn Monroe on the walls.

In October 2005, New England Travel and Life named Raphael Bar Risto Providence’s best restaurant, citing its outstanding Italian cuisine and its “fashionably urbane dining experience.”