Hooters Files Voluntary Petitions for Chapter 11 in Texas (1)

Hooters of America filed voluntary petitions for chapter 11 cases in the US Bankruptcy Court for the Northern District of Texas.

• Expects to move through this process swiftly, with the goal of emerging from chapter 11 in about 90-120 days
  • Seeks approval of $40 million of debtor-in-possession financing from some existing lenders, including $35 million of new capital
  • Hooters restaurants remain open and will continue to operate in a business-as-usual manner during its chapter 11 cases
• Entered into a Restructuring Support Agreement with near unanimous support from its key stakeholders to effectuate a sale transaction
  • Agreement in principle with a ...