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Sbarro Seeks Buyer Instead of Pursuing Bankruptcy

Rather than go ahead with bankruptcy, Sbarro Inc. hopes to find a buyer to help the financially-floundering company.

In order to seek a buyer, Sbarro ended its plan-support agreement with MidOcean Partners and Ares Corporate Opportunities Fund II LP to seek "other strategic alternatives".  The company reported this week that it has already been in discussions with a "qualified bidder." The company filed for Chapter 11 bankruptcy on April 4 under the leadership of interim Chief Executive Officer Nicholas

McGrane.

While the company is pursuing other options, its 1000 stores or chain operations will continue to operate as usual. In the meantime, Sbarro will continue negotiation talks with pre-petition creditors to reach an agreement regarding a reorganization plan.

Sbarro began as a small family-run company and expanded into a national enterprise within fifty years. It was purchased by MidOcean Partners in 2007.

Are you considering Chapter 11 protection? Contact us to discuss your options with a Chicago bankruptcy lawyer.

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