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n" readability="55">Oct 7 (Reuters) - Bankrupt pizza chain Sbarro Inc filed an amended restructuring plan in which its lenders agreed to provide about $35 million of new capital, reduce its total debt and emerge from bankruptcy protection before the end of the year.
Under the plan, Sbarro's senior lenders would fund a $110 million exit loan comprising $35 million in outstanding debt under Sbarro's current bankruptcy loan and $75 million of debt from its pre-bankruptcy credit facility.
Another $100 million owed to the lenders would be converted to equity in the reorganized company. The lenders are led by collateral agent Cantor Fitzgerald Securities.
Sbarro said it expects to generate "positive cash flow before year-end".
The company also said the plan has the support of all its key stakeholders, including the unsecured creditors committee.
Melville, New York-based Sbarro, which filed bankruptcy in April, is seeking to get rid of the bulk of its $395 million debt load. The restaurant, which sells pizza, pastas and other Italian foods, has said in court filings that it has had discussions with an unnamed foreign investor it hopes will make a play for its assets.
The Sbarro family started their company as a salumeria, or Italian grocery store, in Brooklyn in 1956 soon after immigrating to the United States from Naples, Italy. Its ubiquitous green, white and red banner is a familiar sight in malls, rest stops and airports.
The case is In re: Sbarro Inc, U.S. Bankruptcy Court, Southern District of New York, No. 11-11527.
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