May 01, 2016 3:48 PM ET

Hotels, Restaurants and Leisure

Company Overview of Sbarro Holdings, LLC

Company Overview

Sbarro Holdings, LLC, through its subsidiaries, operates Italian quick service restaurants worldwide. The company was incorporated in 2007 and is based in Melville, New York. Sbarro Holdings, LLC operates as a subsidiary of MidOcean SBR Holdings, LLC.

401 Broadhollow Road

Floor 4

Melville, NY 11747-4714

United States

Founded in 2007



Key Executives for Sbarro Holdings, LLC

Chairman and Chief Executive Officer
Age: 57
Compensation as of Fiscal Year 2015.

Sbarro Holdings, LLC Key Developments

Amended Prepackaged Reorganization Plan & Disclosure Statement Approved for Sbarro LLC

The US Bankruptcy Court approved the amended prepackaged plan of reorganization and disclosure statement of Sbarro LLC on May 19, 2014. The debtor has filed its amended plan in the Court on May 15, 2014. As per the amended plan, General administrative claims, professional claims will be paid full in cash. Proposed DIP facility claims of $20 million will be converted into Exit Facility on the Effective Date. Priority tax claims and United States Trustee Statutory fees will be paid full in cash. Other priority claims of $0.35 million shall be paid in full in cash. Other secured claims of $1230 shall be paid in full in cash. Prepetition secured lender claims of 148.2 million will get pro-rata share of 2% of Prepetition secured lender equity distribution. The claim will get recovery of 23.6%. Allowed general unsecured Claims of $10.5 million shall be paid in cash. Intercompany Claims shall not receive any distribution on the Effective Date. Intercompany interests will be retained. Equity Interests in Sbarro Holdings, Inc. shall not receive any distribution and will be discharged on the Effective Date. Intercompany Interests shall be reinstated and shall remain unaltered. The plan will be funded through $35 million of credit bid from pre-petition lenders against 100% equity in debtors.

Amended Prepackaged Reorganization Plan Filed by Sbarro LLC

Sbarro LLC, along with its affiliates, filed an amended joint prepackaged plan of reorganization in the US Bankruptcy Court on May 2, 2014. As per the amended plan filed, the unsecured claims will paid in cash. The treatment of all the other classes of claims remains the same. Sbarro LLC, along with its affiliates, filed an amended joint prepackaged plan of reorganization in the US Bankruptcy Court on May 15, 2014. As per the plan filled, the treatment of all the classes of claims remains the same.

Final DIP Financing Approved for Sbarro LLC

The US Bankruptcy Court gave an order to Sbarro LLC to obtain DIP financing on a final basis on May 1, 2014. As per the order, the debtor has been authorized to obtain a term loan facility in the amount of $20 million from banks and financial institutions with Cantor Fitzgerald Securities acting as the administrative agent. The DIP loan would either carry an interest rate of LIBOR plus 8% p.a., with a LIBOR floor of 2% p.a., or an alternate base rate plus 7% p.a., with a base rate floor of 3%, along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a closing fee of 1.50% of the DIP amount and upfront fee of 2% of the principal amount. The DIP facility would within six months after the closing of the DIP facility and may be extended for an additional three months upon satisfaction of certain conditions or upon the consummation of sale of substantially all assets or the effective date of the plan or after 35 days of the interim order. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $1 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The DIP proceeds shall be used for working capital expenditures and general purposes of loan parties.

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Private Placement
October 29, 2015

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