Mrs. Fields plans to file for bankruptcy
The company filed the turnaround plan today with the U.S. Securities and Exchange Commission. Unsecured creditors would be paid in full under the proposed plan, while equity holders wouldn't receive any recovery.
In a prepackaged bankruptcy, creditors vote on terms of the reorganization before the actual bankruptcy filing, allowing the company to emerge from Chapter 11 more quickly. Mrs. Fields has about 1,200 franchised and licensed locations around the world under the names Mrs. Fields Cookies and TCBY.
Mrs. Fields said in June it had support from holders of 78 percent of its senior debt for an out-of-court restructuring. The company said at the time that it would file a prepackaged bankruptcy if it didn't get 98 percent approval from senior noteholders.
Recent comments
is still around? I thought the company was ancient history...
Mrs. Fields.... | Aug. 15, 2008 at 6:07 p.m.
If they prepackage their bankruptcy like they prepackage their...
Chuck | Aug. 15, 2008 at 5:20 p.m.
Mrs. Field's cookies have gone downhill in quality and uphill in...
katamb-midvale | Aug. 15, 2008 at 5:12 p.m.
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