April 4, 2011
Sbarro, Inc. files Chapter 11
"Sbarro Inc., an operator and franchiser of fast-food Italian restaurants, missed a $7.8 million interest payment on Feb. 1 and filed a prepackaged Chapter 11 petition this morning in New York to convert $34.2 million of second-lien debt and $157.8 million of senior notes to equity.
The plan, if confirmed by the bankruptcy court, would reduce debt by $195 million, a court filing says. The petition listed assets of $471 million and debt totaling $486.6 million."
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