Perkins Parent Wins Initial $16M In DIP Funds

Law360, Wilmington (June 14, 2011, 6:16 PM EDT) -- A Delaware bankruptcy judge on Tuesday cleared Perkins & Marie Callender’s Inc. to borrow $16 million to keep its restaurants operating as the company moves forward on a prenegotiated restructuring hashed out with bondholders.

The company — based in Memphis, Tenn., and owned by New York investment firm Castle Harlan Inc. — and several affiliates filed for bankruptcy Monday amid plummeting sales that it attributed to sluggish consumer spending and increased commodity costs. It listed assets of $290 million and debts of $440 million.

U.S. Bankruptcy...
To view the full article, register now.