International pizza chain Sbarro filed for chapter 11 bankruptcy protection yesterday at the U.S. Bankruptcy Court in New York. The Sbarro family created the restaurant chain in 1956 after moving from Naples, Italy to Brooklyn, New York. Sbarro now operates more than 1,000 restaurants in more than 40 countries.
The company’s bankruptcy filing listed debts of $486.6 million and assets of $471 million. Moreover, the filing named around 10,000 creditors. Sbarro executives have stated that they plan to request that the court allow them access to a $16.5 million loan from first-lien creditors. Also, company officials have expressed plans to transform bond debts and second-lien debts to equity in order to resolve the bankruptcy.
Contact the Milwaukee bankruptcy protection attorneys of DeLadurantey Law Office, LLC at 414-377-0518 to learn more about the benefits of filing for bankruptcy.