Sbarro Ch. 11 Ready To Be Pulled Out Of Oven

Law360, New York (November 17, 2011, 7:14 PM EST) -- A New York bankruptcy judge on Thursday approved Sbarro Inc.'s reorganization plan, putting the pizza chain on track to emerge from Chapter 11 on Nov. 28, the company said.

Under the plan approved by U.S. Bankruptcy Judge Shelley C. Chapman, ownership of the troubled pizza chain will go to senior lenders, which are owed approximately $176 million. The company, whose restaurants have been operating as usual during the bankruptcy, said it expected to come out of the process healthy.

"Today's ruling marks an important milestone in...
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