Planned Section 363 Sale Will Improve Company’s Financial Position, Strengthen Brand
BOSTON, Sept. 28, 2016 (GLOBE NEWSWIRE) — Cosi, Inc. (NASDAQ:COSI), the fast-casual restaurant company, today announced that it and its subsidiaries filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of Massachusetts, initiating a process intended to preserve value and accommodate an orderly going-concern sale of Cosi’s business operations.
Cosi has obtained approximately $4 million in post-petition debtor-in-possession (DIP) financing, which, subject to Bankruptcy Court approval, will provide the Company with liquidity to maintain its operatio…
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