Law360, New York (September 09, 2011, 7:09 PM ET) -- A New York bankruptcy judge on Friday cleared the way for Sbarro Inc. to auction its assets in an effort to attract a bid that brings in more than the planned debt-for-equity swap with the pizza chain’s lenders.
U.S. Bankruptcy Judge Shelley C. Chapman approved the bidding procedures over objections from creditors who had lobbied for a piecemeal liquidation of the assets, allowing the bankrupt pizzeria to cast around for superior offers to the baseline sale proposed in the Chapter 11 plan.
“The bidding procedures balance...
Sbarro Cleared To Auction Assets
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