Perkins & Marie Callender's Restaurant Companies File for Bankruptcy

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The companies behind the Perkins and Marie Callender's restaurant chains voluntarily filed for chapter 11 bankruptcy protection on Monday morning in Delaware. The companies, which employ over 12,000 people and generated 2010 revenues of $507 million, blamed their bankruptcy filings on "excessive leverage and poor sales results." They missed a $9.5 million interest payment on their senior notes on April 1, 2011 and acknowledge in court filings that they were also in default of several other provisions of their prepetition credit agreement. However, prior to filing for chapter 11 protection, the companies reached agreement on the terms of a pre-negotiated restructuring with holders of their senior notes.

You can read the rest of this article below or by visiting our blog: http://blog.ch11cases.com/2011/06/perkins-marie-callenders-restaurant.html

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Randall Reese, Restructuring Concepts LLC | Attorney Advertising

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