Mrs. Fields Famous Brands Plan Effective
This post excerpted from www.bankruptcydata.com:
Mrs. Fields’ Famous Brands announced that its Amended Joint Prepackaged Plan
of Reorganization is now effective, and the Company has emerged from Chapter
11 protection “with an improved balance sheet, a good working capital
position, and new ownership.” Michael Ward, interim co-chief executive
officer, commented, “Within 60 days of filing the Chapter 11 petition, we
were able to significantly de-lever the Company’s balance sheet, establish a
credit facility to support our working capital needs, and emerge from
bankruptcy fully capable of meeting and exceeding customer expectations.”
The Company, which filed for Chapter 11 protection on August 24, 2008,
stated that in the coming year it expects to open more than 40 new
franchised stores, grow its gifting and branded retail businesses by more
than 15% and grow its licensing business by approximately 30%.
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