Sbarro Inc. proposed Tuesday to exit Chapter 11 bankruptcy by filing a joint plan of reorganization that would cut its debt by 73 percent, or $295 million, to a $110 million senior secured exit term loan facility. The operator or franchisor of more than 1,000 quick-service Italian restaurants said the proposal is subject to an overbid process, which allows Sbarro’s creditors to maximize their recovery of the company’s $405 million in debt. The plan, which also includes a ...

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