Cosi, Inc. Files for Chapter 11 Restructuring

September 28, 2016

Planned Section 363 Sale Will Improve Company’s Financial Position, Strengthen Brand

Boston, MA  (RestaurantNews.com)  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 operations in the ordinary course of business during the Chapter 11 process.

Prior