Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

Mrs. Fields: After the Cookie Crumbled


In August, we reported on this blog that cookie and frozen yogurt franchisor Mrs. Fields planned to file for bankruptcy protection in order to help restructure its business. According to thedeal.com, last week, the Salt Lake City-based company won confirmation on its prepackaged reorganization from the US Bankruptcy Court for the District of Delaware. However apparently, the confirmation did not come without some resistance. According to the WSJ, a number of Mrs. Fields frozen yogurt franchises as well as the Internal Revenue Service objected to the plan and urged the court to include additional protections. The company’s plan would slice $145.7 million in note debt while giving noteholders the majority of the company’s equity. As proposed, noteholders would swap their securities for $195.7 million in notes for $90 million in cash, $50 million in new senior secured notes and 87.5% of the company’s new common stock.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus