Perkins & Marie gets tentative nod on amended disclosure statement

By Jim Witters

Wilmington, Del., Sept. 8 - Perkins & Marie Callender's Inc. received tentative approval Thursday for its second amended disclosure statement during a hearing in U.S. Bankruptcy Court for the District of Delaware.

Judge Kevin Gross said he approved of the overall concept expressed and, barring any significant changes, would approve the statement and the solicitation order when they are submitted to the court.

Debtors' attorney Hollace Topel Cohen said she planned to file the documents late Thursday or early Friday.

She said the first amended plan and disclosure statement submitted Sept. 3 remains "90% current."

The revised plan sets aside $7 million to pay general unsecured creditors with claims of $5 million or less, reduces the amount of convenience claims and includes more analysis of projections and valuations. The revised disclosure statement will reflect those changes, Cohen said.

Mark R. Somerstein, representing the creditors committee, said the changes "materially improved" the position of his clients.

Debtors' attorney Robert F. Poppiti, Jr., said the solicitation order establishes Sept. 14 as the date to send packets and confirmation notices. The deadline for voting is Oct. 14.

A confirmation hearing for the second amended plan of reorganization is scheduled for 10 a.m. ET on Oct. 31. Cohen previously said the debtors are targeting a Nov. 29 effective date.

Perkins & Marie, a Memphis-based operator and franchiser of full-service restaurants, filed for bankruptcy on June 13. The Chapter 11 case number is 11-11795.

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