Garden Fresh Reaches Agreement With Lenders To Restructure Debt
Receives Commitments for Financing Post-Petition Operating Expenses
Company Takes Action to Begin Business Transformation Agreement Anticipates Sale of Business to Second Lien Lenders, Subject to Higher and Better Bids Transformation Plan Expects Closing of between 20-30 Underperforming Restaurants Company Expects to Complete Transformation by December 5
San Diego, CA (RestaurantNews.com) Garden Fresh Restaurant Corp. (“Garden Fresh”) today announced that it has reached an agreement with its lenders to restructure the Company’s debt. Under terms of the agreement, the Company will significantly reduce debt obligations and improve its financial structure.
To implement the restructuring, Garden Fresh has filed voluntary petitions for