Bankrupt Cosi Will Focus on Catering in Restructuring Effort

Cosi Inc., a Boston-based restaurant chain, gets court approval to access a $1.25 million bankruptcy loan, use cash on hand and pay employees during a first-day hearing in Delaware Wednesday.

• Judge Brendan Shannon approved the $1.25 million bankruptcy loan from Lion Fund LP on an interim basis with some amendments
  • Cosi will seek approval for an additional $1.75 million in funding on a final basis during a future bankruptcy hearing
  • The fast-casual chain has faced “uncertainty regarding the funding and strategic direction of the company” since Lloyd I. Miller III, the principal of Cosi’s majority shareholder, passed away ...