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Consumer Law

California Pizza Kitchen Chain Filed for Bankruptcy

California Pizza Kitchen filed for Chapter 11 bankruptcy in Houston on Wednesday, becoming the latest restaurant chain to try to cut debt as it grapples with the pandemic.

“For many restaurants, the COVID-19 pandemic will be the greatest challenge they will ever face; for some, it may also be their last,” Chief Executive Officer James Hyatt said in a declaration filed as part of the bankruptcy.

The company, which operates more than 200 restaurants in the U.S. and abroad, has reached an agreement with a majority of its senior creditors on a restructuring plan. It’s looking to reduce its debt by $230 million, more than half of the total, and raise additional funding from existing lenders to buttress its balance sheet, according to court filings.

Read the source article at Pasadena Star

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