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June 13, 2011

Perkins & Marie Callender's Files for Chapter 11 Protection

"Perkins & Marie Callender's Inc. filed for Chapter 11 bankruptcy protection Monday after securing key creditors' support for a plan to slash the company's $440 million debt load.

Early papers filed in the U.S. Bankruptcy Court in Wilmington, Del., put holders of $190 million worth of senior notes at the top of the list of unsecured creditors. Existing lenders led by a division of Wells Fargo & Co., owed nearly $10.1 million, have offered up to $21 million worth of bankruptcy financing, court papers say.

The company reported assets of $290 million in its bankruptcy petition."

Read more here.

June 13, 2011 in Current Affairs | Permalink

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