Perkins & Marie plans to emerge from bankruptcy by end of November

By Caroline Salls

Pittsburgh, Nov. 1 - Perkins & Marie Callender's Inc. plans to emerge from Chapter 11 bankruptcy by the end of November "in a significantly strengthened financial position," according to a company news release.

As previously reported, the company's plan of reorganization was confirmed on Oct. 31.

"The company will soon emerge from its financial and operational restructuring a leaner and stronger company, possessing a dramatically improved balance sheet," chief executive officer Jay Trungale said in the release.

Under the plan, Perkins & Marie's secured noteholders will receive a combination of new secured term loans and cash. The company's unsecured noteholders and general unsecured creditors will receive either membership interests in the reorganized company or cash and a percentage of the proceeds, if any, of potential avoidance actions.

Upon completion of its restructuring, Perkins & Marie will be majority controlled by private investment funds managed by Wayzata Investment Partners LLC.

Perkins & Marie is a Memphis-based operator and franchiser of full-service restaurants. The company filed for bankruptcy on June 13 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 11-11795.

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