Perkins Plan Would Leave Unsecureds With New Equity

Law360, New York (July 18, 2011, 2:46 PM EDT) -- Perkins & Marie Callender’s Inc. said Friday in Delaware that it hoped to exit bankruptcy in the fall by implementing a restructuring agreement with its secured creditors and issuing equity to unsecured noteholders to whom it owes $204 million.

The privately held operator of family restaurant chains, based in Memphis, Tenn., and owned by New York-based investment firm Castle Harlan Inc., said its plan of reorganization was prenegotiated.

According to the plan, secured noteholders holding $132 million in senior debt would receive new secured term loans...
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