Claim Jumper Aims To Erase Debt Through Ch. 11

Law360, New York (September 10, 2010, 1:13 PM EDT) -- Claim Jumper Restaurants LLC has filed a prepackaged Chapter 11 plan designed to allow the restaurant chain to emerge from bankruptcy debt-free within two months, in part by selling its assets and operations to an affiliate of asset manager Canyon Capital Advisors LLC.

The Irvine, Calif.-based company — which operates 45 restaurants in eight states — revealed the move Friday, saying it had entered into an asset purchase agreement with Private Capital Partners, which is already an existing investor in Claim Jumper. In its voluntary petition...
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