Mrs. Fields Cooks Up Plan To Avoid Ch.11

Law360, New York (June 6, 2008, 12:00 AM EDT) -- Cookie purveyor Mrs. Fields Famous Brands LLC may be tossed into bankruptcy if it cannot convince enough senior noteholders to vote for a plan that would cut $145 million in debt from its balance sheet, the company said on Thursday.

Mrs. Fields' announcement comes as it wrestles with a $10.25 million interest payment that is due in September.

The company said that it had reached an agreement with noteholders holding roughly $195.7 million in senior secured notes that would result in either an out-of-court debt restructuring...
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