California Pizza Kitchen Gets OK For $225M Ch. 11 Plan

Law360 (October 29, 2020, 7:47 PM EDT) -- Restaurant chain California Pizza Kitchen on Thursday received approval from a Texas bankruptcy judge for an equity swap Chapter 11 plan that will put it on track to drop $225 million in debt.

Under the plan approved by U.S. Bankruptcy Judge Marvin Isgur at a telephone hearing, the restaurant chain will hand all but a fraction of its equity to its first-lien lenders, with the remainder going to unsecured creditors under a deal worked out last month.

"CPK on emergence will be a more nimble, right-sized company," CPK counsel Francis Petrie of Kirkland & Ellis LLP said.

The company — which...

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