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Sbarro Appoints Bankruptcy Lawyers

Italian fast-food chain, Sbarro, has appointed bankruptcy and restructuring lawyers after defaulting on debt.

Italian fast-food chain, Sbarro, has appointed bankruptcy and restructuring lawyers after defaulting on debt, The Wall Street Journal reports. The company has hired law firm, Kirkland & Ellis, to advise it on restructuring its balance sheet, and investment bank, Rothschild, for restructuring advice.

The New York-based eatery carries about $350 million in debt spread among banks and bondholders. MidOcean Partners holds 95% of Sbarro’s second-lien debt, while Ares Management holds half of Sbarro’s $150 million in bond debt.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Bloomberg.

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