News

Cosi moves into bankruptcy process

October 12, 2016

Cosi, Inc. has filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Massachusetts, and is preparing for sale of all of its assets in accordance with Section 363 code.

Once approved by the bankruptcy court, bids and sale schedule will be available on Oct. 20 and must be received by Nov. 14.

The company entered into a non-binding term sheet with its lenders, AB Opportunity Fund LLC, AB Value Partners, L.P., and Milfam II L.P. Each has proposed purchase of all of the company's assets as well as serving as the "stalking horse bidder."

Bidders must submit a higher bid than the stalking horse bid offers.