WSJ: Sbarro Files for Chapter 11 Bankruptcy Again
The Wall Street Journal reported Sbarro filed for bankruptcy protection after winning support for a debt-for-equity swap intended to speed the restaurant chain through its second trip through Chapter 11 in less than three years.
According to the Journal , the company said lenders holding 98% of its debt voted to back the so-called prepackaged plan that entails an exchange of $140 million in debt for control of the reorganized business.
To read the entire WSJ story, click here.
Previously on abfjournal: WSJ: Sbarro Said to Have Retained Restructuring Advisers, January 14, 2014