Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

Cosi Plan Confirmed

The U.S. Bankruptcy Court entered an order confirming Cosi's First Amended Chapter 11 Plan. According to documents filed with the Court, "The Plan provides for the reorganization of the Debtors and for their continued existence as the Reorganized Debtors with 100% of the stock of the Reorganized Debtors being owned by the Debtor' prepetition Noteholders and the distribution of Cash provided by an affiliate of such Noteholders to creditor.…More specifically, after confirmation, the Debtors will continue operating their business, but the Debtors will have new ownership and a new capital structure, which will have been accomplished through confirmation of the Plan…the Plan is structured as what is commonly referred to as a 'pot plan' in that the Debtors have determined the value of their collective Business operations through the sale process in which LIMAB…was the successful bidder for substantially all of the Debtors' assets, and that value will be paid in to the Liquidating Trust to be distributed by the Liquidating Trustee to the Debtor's creditors." This fast service restaurant chain filed for Chapter 11 protection on September 28, 2016, listing $41 million in pre-petition assets. Visit BankruptcyData for a detailed Plan Summary.

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