Industry News | May 2, 2000
Boston Chicken Responds to Einstein Bankruptcy Filing
Boston Chicken expects to participate in ENBC's Chapter 11 process in its capacity as an ENBC stockholder and as a creditor of ENBC. ENBC has announced that under the ENBC proposed plan of reorganization, holders of ENBC common stock (including Boston Chicken) would receive warrants to purchase 2% of the common stock in the reorganized ENBC on a fully diluted basis.
Boston Chicken, Inc. operates and franchises restaurants under the Boston Market brand name that specialize in fresh, convenient meals, featuring homestyle entrees, fresh vegetables, sandwiches, salads and side dishes. There are currently 857 Boston Market restaurants in 33 states and the District of Columbia.
Boston Chicken filed its Amended Plan of Reorganization on February 17, 2000, which provides that, after payment of bankruptcy administrative expenses and payment of claims entitled to priority under the Bankruptcy Code, the Debtors' senior secured creditors will receive substantially less than the aggregate face value of their loans to the Company. Holders of the Debtors' equity securities and holders of any claims arising out of the purchase of the Debtors' convertible subordinated debt and equity securities will receive no distributions under the proposed Boston Chicken Plan of Reorganization. In addition, it is unlikely that holders of Boston Chicken's convertible subordinated debt securities will receive any distributions under the Plan of Reorganization. All filings in the Boston Chicken case are available on the Internet at http://ecf.azb.uscourts.gov
Food & Beverage
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