Cosi, Inc. Files for Chapter 11 Restructuring
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.