Boeing is feeling the love at Le Bourget as it announced dozens of orders for new commercial passenger aircraft during the Paris Air Show.
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Melville, NY, United States (AHN) – Sbarro, the popular Italian food chain, has filed for bankruptcy protection to reorganize its business and eliminate $200 million of debt.
The Melville-based company on Monday asked the U.S. Bankruptcy Court for the Southern District of New York to approve a $35 million debtor-in-possession agreement with first-lien lenders.
Two creditors, MidOcean Partners and Ares Corporate Opportunities Fund, will backstop a $30 million rights offering, the proceeds of which will be used to repay the debtor-in-possession and provide the reorganized business with additional equity capital and liquidity.
The company has reached an agreement with lenders and 70 percent of noteholders about a restructuring plan converting second-lien debt and senior notes to equity.
The proposal whittles debts by more than half, to about $175 million. The remaining, first-lien debts would continue to be held by lenders, but maturity would be extended five years after the chain emerges from bankruptcy.
In its Chapter 11 filing, Sbarro listed debts of $486.6 million and assets of $471 million.
Sbarro has 1,000 restaurants worldwide, nearly half of which are wholly owned by the company. It reported a continuing decline in profits late last year due to “reduced consumer spending throughout the United States as a result of the current economic environment.” Rising costs of commodities, particularly cheese, combined with weak domestic demand last year to reduce earnings.
The 50-year-old company says operations in its restaurants are continuing normally despite the bankruptcy filing.
“We look forward to emerging from this process as quickly as possible with a capital structure that will firmly position us for continued long-term success,” Nicholas McGrane, interim president and chief executive, said in a statement.
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