From Bloomberg: Hooters in Talks to Prepare a Bankruptcy Filing in Coming Months
(Bloomberg) — Hooters of America is working with creditors on a plan to restructure the business through bankruptcy court in the coming months, according to people with knowledge of the arrangements.
The casual dining chain is working with law firm Ropes & Gray to ready a filing, said the people, who added the plans are not final and asked not to be identified discussing private preparations. The court process would likely begin within the next two months, the people said.
The company was working to address its debt load with its lawyers as well as turnaround advisers from boutique firm Accordion Partners, Bloomberg previously reported. Some of Hooters’ debtholders have tapped Houlihan Lokey Inc. for advice.
