Perkins & Marie Callender’s exits Ch. 11



We are searching data for your request:

Forums and discussions:
Manuals and reference books:
Data from registers:
Wait the end of the search in all databases.
Upon completion, a link will appear to access the found materials.

Perkins & Marie Callender’s Inc., the owner and franchisor of Perkins and Marie Callender’s restaurants, has emerged from Chapter 11 bankruptcy protection with its debt load reduced by more than $200 million.

The nearly 600-unit family-dining company filed for bankruptcy on June 13, followed immediately by the shuttering of some 65 restaurants. The court approved its restructuring plan last month.

As previously reported, Wayzata Investment Partners LLC, a private equity firm based in Minneapolis, is the majority stockholder of Perkins & Marie Callender’s Holding LLC, the parent of the Perkins and Marie Callender’s brands.

The company formerly was owned by New York-based private equity firm Castle Harlan Inc.

Joseph F. Trungale, who served as chief executive and a member of the board from 2005 to 2011, will continue to serve as CEO and chairman of the new board.

At the time of the filing, the company cited the poor economy as the chief reason for its reorganization. Both chains operate a sizeable number of outlets in California and Florida, two states where unemployment and home foreclosure rates are high.

“Our financial restructuring has significantly improved the company’s balance sheet, eliminating over $200 million in debt, and optimized its operational structure,” Trungale said in a statement. “Perkins will emerge from this process a leaner and stronger company.”

New board members include Patrick J. Halloran, Wayzata’s managing partner; Joseph M. Deignan, a Wayzata partner; James K. Beltz, a member of the Wayzata investment team; Michael T.P. Sweeney, a shareholder and partner at Goldner Hawn Johnson & Morrison, Inc.; and Karlin A. Linhardt, an industry marketing and business executive.

“I look forward to working closely with the company’s new board of managers to develop a strategic plan that will allow the Company to continue offering customers a high-quality family and casual dining experience and to complete the operational turnaround that began earlier this year,” Trungale said.

EARLIER:

•Perkins & Marie Callender’s files for Ch. 11
•Perkins & Marie Callender’s granted $16M
•Perkins to emerge from Ch. 11 this year

Contact Paul Frumkin at [email protected]


Minneapolis Perkins closes as chain files bankruptcy

Restaurant owner Perkins & Marie Callender’s Inc. on Monday filed for Chapter 11 bankruptcy protection with a plan to restructure debt that would give control of the company to Wayzata Investment Partners LLC.

The owner of the Perkins Restaurant & Bakery and the Marie Callender’s chains said in the filing it plans to close 65 stores and cut 2,500 jobs, or about 20 percent of its workforce of 12,350.

Just one local Perkins, at 6023 Nicollet Ave. in Minneapolis, was closed as part of the restructuring, Vivian Brooks, a spokeswoman for the Memphis, Tenn.-based company, told the Pioneer Press. “Minnesota remains a stronghold for Perkins” with 76 locations remaining in the state, Brooks said Monday.

The company cited the weak economic climate, particularly in Florida and California.

“The agreement reached with our noteholders will allow the company to restructure its balance sheet on a expedited basis, strengthen its restaurant operations and ensure the long-term viability of the company,” Jay Trungale, Perkins’ chief executive officer, said in the statement.

Wells Fargo Capital Finance LLC agreed to provide Perkins with $21 million in debtor-in-possession financing to fund operations while it restructures, according to the statement.

The company listed assets of $290 million and debt of $441 million in its Chapter 11 filing.

It has 160 owned and 314 franchised Perkins restaurants and 85 owned and 37 franchised Marie Callender’s. Perkins, now owned by New York-based investment firm Castle Harlan Inc., was founded in 1958 and combined with Marie Callender’s in 2006.

Associated Press, Bloomberg News and Ann Harrington contributed to this report.


Minneapolis Perkins closes as chain files bankruptcy

Restaurant owner Perkins & Marie Callender’s Inc. on Monday filed for Chapter 11 bankruptcy protection with a plan to restructure debt that would give control of the company to Wayzata Investment Partners LLC.

The owner of the Perkins Restaurant & Bakery and the Marie Callender’s chains said in the filing it plans to close 65 stores and cut 2,500 jobs, or about 20 percent of its workforce of 12,350.

Just one local Perkins, at 6023 Nicollet Ave. in Minneapolis, was closed as part of the restructuring, Vivian Brooks, a spokeswoman for the Memphis, Tenn.-based company, told the Pioneer Press. “Minnesota remains a stronghold for Perkins” with 76 locations remaining in the state, Brooks said Monday.

The company cited the weak economic climate, particularly in Florida and California.

“The agreement reached with our noteholders will allow the company to restructure its balance sheet on a expedited basis, strengthen its restaurant operations and ensure the long-term viability of the company,” Jay Trungale, Perkins’ chief executive officer, said in the statement.

Wells Fargo Capital Finance LLC agreed to provide Perkins with $21 million in debtor-in-possession financing to fund operations while it restructures, according to the statement.

The company listed assets of $290 million and debt of $441 million in its Chapter 11 filing.

It has 160 owned and 314 franchised Perkins restaurants and 85 owned and 37 franchised Marie Callender’s. Perkins, now owned by New York-based investment firm Castle Harlan Inc., was founded in 1958 and combined with Marie Callender’s in 2006.

Associated Press, Bloomberg News and Ann Harrington contributed to this report.


Minneapolis Perkins closes as chain files bankruptcy

Restaurant owner Perkins & Marie Callender’s Inc. on Monday filed for Chapter 11 bankruptcy protection with a plan to restructure debt that would give control of the company to Wayzata Investment Partners LLC.

The owner of the Perkins Restaurant & Bakery and the Marie Callender’s chains said in the filing it plans to close 65 stores and cut 2,500 jobs, or about 20 percent of its workforce of 12,350.

Just one local Perkins, at 6023 Nicollet Ave. in Minneapolis, was closed as part of the restructuring, Vivian Brooks, a spokeswoman for the Memphis, Tenn.-based company, told the Pioneer Press. “Minnesota remains a stronghold for Perkins” with 76 locations remaining in the state, Brooks said Monday.

The company cited the weak economic climate, particularly in Florida and California.

“The agreement reached with our noteholders will allow the company to restructure its balance sheet on a expedited basis, strengthen its restaurant operations and ensure the long-term viability of the company,” Jay Trungale, Perkins’ chief executive officer, said in the statement.

Wells Fargo Capital Finance LLC agreed to provide Perkins with $21 million in debtor-in-possession financing to fund operations while it restructures, according to the statement.

The company listed assets of $290 million and debt of $441 million in its Chapter 11 filing.

It has 160 owned and 314 franchised Perkins restaurants and 85 owned and 37 franchised Marie Callender’s. Perkins, now owned by New York-based investment firm Castle Harlan Inc., was founded in 1958 and combined with Marie Callender’s in 2006.

Associated Press, Bloomberg News and Ann Harrington contributed to this report.


Minneapolis Perkins closes as chain files bankruptcy

Restaurant owner Perkins & Marie Callender’s Inc. on Monday filed for Chapter 11 bankruptcy protection with a plan to restructure debt that would give control of the company to Wayzata Investment Partners LLC.

The owner of the Perkins Restaurant & Bakery and the Marie Callender’s chains said in the filing it plans to close 65 stores and cut 2,500 jobs, or about 20 percent of its workforce of 12,350.

Just one local Perkins, at 6023 Nicollet Ave. in Minneapolis, was closed as part of the restructuring, Vivian Brooks, a spokeswoman for the Memphis, Tenn.-based company, told the Pioneer Press. “Minnesota remains a stronghold for Perkins” with 76 locations remaining in the state, Brooks said Monday.

The company cited the weak economic climate, particularly in Florida and California.

“The agreement reached with our noteholders will allow the company to restructure its balance sheet on a expedited basis, strengthen its restaurant operations and ensure the long-term viability of the company,” Jay Trungale, Perkins’ chief executive officer, said in the statement.

Wells Fargo Capital Finance LLC agreed to provide Perkins with $21 million in debtor-in-possession financing to fund operations while it restructures, according to the statement.

The company listed assets of $290 million and debt of $441 million in its Chapter 11 filing.

It has 160 owned and 314 franchised Perkins restaurants and 85 owned and 37 franchised Marie Callender’s. Perkins, now owned by New York-based investment firm Castle Harlan Inc., was founded in 1958 and combined with Marie Callender’s in 2006.

Associated Press, Bloomberg News and Ann Harrington contributed to this report.


Minneapolis Perkins closes as chain files bankruptcy

Restaurant owner Perkins & Marie Callender’s Inc. on Monday filed for Chapter 11 bankruptcy protection with a plan to restructure debt that would give control of the company to Wayzata Investment Partners LLC.

The owner of the Perkins Restaurant & Bakery and the Marie Callender’s chains said in the filing it plans to close 65 stores and cut 2,500 jobs, or about 20 percent of its workforce of 12,350.

Just one local Perkins, at 6023 Nicollet Ave. in Minneapolis, was closed as part of the restructuring, Vivian Brooks, a spokeswoman for the Memphis, Tenn.-based company, told the Pioneer Press. “Minnesota remains a stronghold for Perkins” with 76 locations remaining in the state, Brooks said Monday.

The company cited the weak economic climate, particularly in Florida and California.

“The agreement reached with our noteholders will allow the company to restructure its balance sheet on a expedited basis, strengthen its restaurant operations and ensure the long-term viability of the company,” Jay Trungale, Perkins’ chief executive officer, said in the statement.

Wells Fargo Capital Finance LLC agreed to provide Perkins with $21 million in debtor-in-possession financing to fund operations while it restructures, according to the statement.

The company listed assets of $290 million and debt of $441 million in its Chapter 11 filing.

It has 160 owned and 314 franchised Perkins restaurants and 85 owned and 37 franchised Marie Callender’s. Perkins, now owned by New York-based investment firm Castle Harlan Inc., was founded in 1958 and combined with Marie Callender’s in 2006.

Associated Press, Bloomberg News and Ann Harrington contributed to this report.


Minneapolis Perkins closes as chain files bankruptcy

Restaurant owner Perkins & Marie Callender’s Inc. on Monday filed for Chapter 11 bankruptcy protection with a plan to restructure debt that would give control of the company to Wayzata Investment Partners LLC.

The owner of the Perkins Restaurant & Bakery and the Marie Callender’s chains said in the filing it plans to close 65 stores and cut 2,500 jobs, or about 20 percent of its workforce of 12,350.

Just one local Perkins, at 6023 Nicollet Ave. in Minneapolis, was closed as part of the restructuring, Vivian Brooks, a spokeswoman for the Memphis, Tenn.-based company, told the Pioneer Press. “Minnesota remains a stronghold for Perkins” with 76 locations remaining in the state, Brooks said Monday.

The company cited the weak economic climate, particularly in Florida and California.

“The agreement reached with our noteholders will allow the company to restructure its balance sheet on a expedited basis, strengthen its restaurant operations and ensure the long-term viability of the company,” Jay Trungale, Perkins’ chief executive officer, said in the statement.

Wells Fargo Capital Finance LLC agreed to provide Perkins with $21 million in debtor-in-possession financing to fund operations while it restructures, according to the statement.

The company listed assets of $290 million and debt of $441 million in its Chapter 11 filing.

It has 160 owned and 314 franchised Perkins restaurants and 85 owned and 37 franchised Marie Callender’s. Perkins, now owned by New York-based investment firm Castle Harlan Inc., was founded in 1958 and combined with Marie Callender’s in 2006.

Associated Press, Bloomberg News and Ann Harrington contributed to this report.


Minneapolis Perkins closes as chain files bankruptcy

Restaurant owner Perkins & Marie Callender’s Inc. on Monday filed for Chapter 11 bankruptcy protection with a plan to restructure debt that would give control of the company to Wayzata Investment Partners LLC.

The owner of the Perkins Restaurant & Bakery and the Marie Callender’s chains said in the filing it plans to close 65 stores and cut 2,500 jobs, or about 20 percent of its workforce of 12,350.

Just one local Perkins, at 6023 Nicollet Ave. in Minneapolis, was closed as part of the restructuring, Vivian Brooks, a spokeswoman for the Memphis, Tenn.-based company, told the Pioneer Press. “Minnesota remains a stronghold for Perkins” with 76 locations remaining in the state, Brooks said Monday.

The company cited the weak economic climate, particularly in Florida and California.

“The agreement reached with our noteholders will allow the company to restructure its balance sheet on a expedited basis, strengthen its restaurant operations and ensure the long-term viability of the company,” Jay Trungale, Perkins’ chief executive officer, said in the statement.

Wells Fargo Capital Finance LLC agreed to provide Perkins with $21 million in debtor-in-possession financing to fund operations while it restructures, according to the statement.

The company listed assets of $290 million and debt of $441 million in its Chapter 11 filing.

It has 160 owned and 314 franchised Perkins restaurants and 85 owned and 37 franchised Marie Callender’s. Perkins, now owned by New York-based investment firm Castle Harlan Inc., was founded in 1958 and combined with Marie Callender’s in 2006.

Associated Press, Bloomberg News and Ann Harrington contributed to this report.


Minneapolis Perkins closes as chain files bankruptcy

Restaurant owner Perkins & Marie Callender’s Inc. on Monday filed for Chapter 11 bankruptcy protection with a plan to restructure debt that would give control of the company to Wayzata Investment Partners LLC.

The owner of the Perkins Restaurant & Bakery and the Marie Callender’s chains said in the filing it plans to close 65 stores and cut 2,500 jobs, or about 20 percent of its workforce of 12,350.

Just one local Perkins, at 6023 Nicollet Ave. in Minneapolis, was closed as part of the restructuring, Vivian Brooks, a spokeswoman for the Memphis, Tenn.-based company, told the Pioneer Press. “Minnesota remains a stronghold for Perkins” with 76 locations remaining in the state, Brooks said Monday.

The company cited the weak economic climate, particularly in Florida and California.

“The agreement reached with our noteholders will allow the company to restructure its balance sheet on a expedited basis, strengthen its restaurant operations and ensure the long-term viability of the company,” Jay Trungale, Perkins’ chief executive officer, said in the statement.

Wells Fargo Capital Finance LLC agreed to provide Perkins with $21 million in debtor-in-possession financing to fund operations while it restructures, according to the statement.

The company listed assets of $290 million and debt of $441 million in its Chapter 11 filing.

It has 160 owned and 314 franchised Perkins restaurants and 85 owned and 37 franchised Marie Callender’s. Perkins, now owned by New York-based investment firm Castle Harlan Inc., was founded in 1958 and combined with Marie Callender’s in 2006.

Associated Press, Bloomberg News and Ann Harrington contributed to this report.


Minneapolis Perkins closes as chain files bankruptcy

Restaurant owner Perkins & Marie Callender’s Inc. on Monday filed for Chapter 11 bankruptcy protection with a plan to restructure debt that would give control of the company to Wayzata Investment Partners LLC.

The owner of the Perkins Restaurant & Bakery and the Marie Callender’s chains said in the filing it plans to close 65 stores and cut 2,500 jobs, or about 20 percent of its workforce of 12,350.

Just one local Perkins, at 6023 Nicollet Ave. in Minneapolis, was closed as part of the restructuring, Vivian Brooks, a spokeswoman for the Memphis, Tenn.-based company, told the Pioneer Press. “Minnesota remains a stronghold for Perkins” with 76 locations remaining in the state, Brooks said Monday.

The company cited the weak economic climate, particularly in Florida and California.

“The agreement reached with our noteholders will allow the company to restructure its balance sheet on a expedited basis, strengthen its restaurant operations and ensure the long-term viability of the company,” Jay Trungale, Perkins’ chief executive officer, said in the statement.

Wells Fargo Capital Finance LLC agreed to provide Perkins with $21 million in debtor-in-possession financing to fund operations while it restructures, according to the statement.

The company listed assets of $290 million and debt of $441 million in its Chapter 11 filing.

It has 160 owned and 314 franchised Perkins restaurants and 85 owned and 37 franchised Marie Callender’s. Perkins, now owned by New York-based investment firm Castle Harlan Inc., was founded in 1958 and combined with Marie Callender’s in 2006.

Associated Press, Bloomberg News and Ann Harrington contributed to this report.


Minneapolis Perkins closes as chain files bankruptcy

Restaurant owner Perkins & Marie Callender’s Inc. on Monday filed for Chapter 11 bankruptcy protection with a plan to restructure debt that would give control of the company to Wayzata Investment Partners LLC.

The owner of the Perkins Restaurant & Bakery and the Marie Callender’s chains said in the filing it plans to close 65 stores and cut 2,500 jobs, or about 20 percent of its workforce of 12,350.

Just one local Perkins, at 6023 Nicollet Ave. in Minneapolis, was closed as part of the restructuring, Vivian Brooks, a spokeswoman for the Memphis, Tenn.-based company, told the Pioneer Press. “Minnesota remains a stronghold for Perkins” with 76 locations remaining in the state, Brooks said Monday.

The company cited the weak economic climate, particularly in Florida and California.

“The agreement reached with our noteholders will allow the company to restructure its balance sheet on a expedited basis, strengthen its restaurant operations and ensure the long-term viability of the company,” Jay Trungale, Perkins’ chief executive officer, said in the statement.

Wells Fargo Capital Finance LLC agreed to provide Perkins with $21 million in debtor-in-possession financing to fund operations while it restructures, according to the statement.

The company listed assets of $290 million and debt of $441 million in its Chapter 11 filing.

It has 160 owned and 314 franchised Perkins restaurants and 85 owned and 37 franchised Marie Callender’s. Perkins, now owned by New York-based investment firm Castle Harlan Inc., was founded in 1958 and combined with Marie Callender’s in 2006.

Associated Press, Bloomberg News and Ann Harrington contributed to this report.


Watch the video: LAWKI CH 11 pg 183 189


Comments:

  1. Harris

    I'm sorry, but, in my opinion, mistakes are made. We need to discuss. Write to me in PM.

  2. Mazshura

    That still doesn't come.

  3. Zulukree

    I mean you are not right. Enter we'll discuss. Write to me in PM, we will handle it.

  4. Najas

    it seems to me, you are rights

  5. Hwitcumb

    Yes, logically correct

  6. Rikkard

    It does not suit me. Maybe there are more options?



Write a message


Previous Article

A San Francisco Bar That Wants to Cure What Ails You

Next Article

Baked omelette with dehydrated vegetables