Sbarro seeks interim and final orders for stock transfer procedures

Bay Kali Hays

New York, March 11 - Sbarro LLC requested interim and final approval of notification and hearing procedures for trading of its common stock, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

The proposed transfer procedure requires current or future substantial shareholders to file a declaration of their status and prior to any transfer all parties must file a declaration of intent with the court.

Specifically, shareholders with more than roughly 90,000 shares of common stock, or 4.5% of outstanding common stock, are considered substantial shareholders by the company.

The company has 30 days after notification of any proposed transfer to object, and the objected transfer will remain ineffective until a final court order.

Any transfer that violates the procedures will be considered null and void.

Sbarro, a Melville, N.Y.-based quick-service Italian restaurant chain, filed bankruptcy on March 10. The Chapter 11 case number is 14-10557.

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