Sbarro Says Creditors Back Reorganization Plan

Law360, New York (November 15, 2011, 6:01 PM EST) -- With a confirmation hearing looming, bankrupt pizza chain Sbarro Inc. has submitted a reorganization plan that it says has the "full and unqualified support" of creditors, according to a memorandum filed Monday.

The company's memorandum filed in New York bankruptcy court outlines a plan to reduce the company's debt by nearly 70 percent, from about $400 million to about $130 million.

"The debtors stand poised to emerge from Chapter 11 with a plan that preserves the going concern value of the business and maximizes creditor recoveries,"...
To view the full article, register now.