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    Einstein/Noah Bagel Creditors Support Plan

  • Industry News September 17, 2000
    Einstein/Noah Bagel Corp. (OTC Bulletin Board: ENBXQ) and the Official Committee of Unsecured Creditors appointed in the company's Chapter 11 case (the "Committee'') announced September 14 that they have reached agreement with respect to all outstanding issues regarding the company's plan of reorganization (the "Plan''). The Committee, which was appointed by the United States Trustee to represent the interests of unsecured creditors of the company and its subsidiary, Einstein/Noah Bagel Partners, L.P., consists of unsecured creditors holding in excess of $65 million of the company's 7 1/4% Convertible Subordinated Debentures. The Committee supports the Plan proposed by the company, although it reserves the right to challenge the distribution under the Plan to Bagel Store Development Funding, LLC. The Committee joins with the company in urging unsecured creditors to vote to accept the Plan.

    The deadline for voting on the Plan is 4:30 p.m. (Eastern Daylight Time) on September 18, 2000.