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According to the story, Prandium will use profits from the sale of Hamburger Hamlet to pay off some of its debt. Prandium is expected to file a pre-packaged bankruptcy on May 6.th .
If the court approves the bankruptcy plan, Prandium will be able to focus on growing its restaurant businesses instead of paying $30 million a year in interest, Prandium spokesman Robert L. Carl told The Register.
"It's a luxury we've not had the last six or eight years," the paper reported Carl as saying.
A settlement agreement between Prandium and its creditors fell through in February when an earlier deal between Prandium and Othello Holding Corp. failed to happen.