Flagstar Reportedly Mulling Chapter 11
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Flagstar Companies, which operates the Denny’s, El Pollo Loco, Carrows and Coco’s restaurant chains, is considering what bankruptcy attorneys describe as a “prepackaged” Chapter 11 bankruptcy filing, according to Nation’s Restaurant News.
In a prepackaged filing, debtors typically enter Bankruptcy Court with a reorganization plan that’s been pre-approved by creditors. The process allows debtors to use the protections inherent in bankruptcy proceedings, but lets creditors join earlier in the process.
Greg Johnson covers retail businesses and restaurants for The Times. He can be reached at (714) 966-5950 and at [email protected]
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