|
|
Cookie maker says it needs more dough
SALT LAKE CITY, Aug. 16 (UPI) -- Mrs. Fields Famous Brands
LLC, which sells cookies and yogurt at more than 1,200 franchises
across the United States, is filing for bankruptcy, records show.
In a Friday filing with the U.S. Securities Exchange
Commission, Mrs. Fields, based in Salt Lake City, Utah, revealed it
would file a bankruptcy reorganization plan with the U.S. Bankruptcy
Court in Wilmington, Del., the Wall Street Journal reported.
The company, which owns the Mrs. Fields fresh-baked cookies
and TCBY yogurt brands, had warned shareholders in June that it
could seek bankruptcy protection against creditors. It has
instituted a restructuring plan calling for its noteholders to
exchange $195.7 million in notes for $90 million in cash, $50
million in new senior debt and 87.5 percent of Mrs. Fields' new
common stock, the Journal reported.
The company has been saddled with a heavy debt load after
posting recent losses, including a net loss of about $10.7 million
for the quarter ending June 28, the newspaper said.
|
