Company to restructure after being hard hit by recession
Italian quick-service operator Sbarro Inc., along with its domestic subsidiaries, filed for Chapter 11 bankruptcy protection on Monday with a plan to eliminate almost half of its debt. According to the filing made in U.S. Bankruptcy Court for the Southern District of New York, the move, if approved by the court, would allow Sbarro to cut its $486.6 million in debt by $195 million by converting existing second-lien debt and senior notes to equity. The company also is seeking approval for a ...
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