Wayzata To Take Reins Of Perkins, Callender's After Ch. 11

Law360, Wilmington (October 31, 2011, 2:31 PM EDT) -- A Delaware federal bankruptcy judge on Monday gave the nod to the reorganization plan for Perkins & Marie Callender's Inc., which will hand control of the restaurant chains to private equity firm Wayzata Investment Partners LLC.

U.S. Bankruptcy Judge Kevin Gross indicated at a court hearing that he will sign off on the plan once the final language is worked out, clearing the company to satisfy creditors’ claims with a combination of new stock and new loans after less than five months in Chapter 11....
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