MarketWatch:
Mrs. Fields’ Original Cookies, Inc., announced today that it has successfully satisfied the restructuring conditions set forth in its Plan of Reorganization (the “Plan”) and that the Plan has been confirmed by the United States Bankruptcy Court for the District of Delaware. In conjunction with the Plan, Mrs. Fields has:
— Acquired a 3 year, $10 million senior term credit facility from a select group of its note holders that will be used, in conjunction with cash flows from normal operations, to support the Company’s go-forward operations and working capital needs; and
— Improved the Company’s balance sheet by exchanging bondholder debt for cash, new bonds and a controlling equity stake in the reorganized company.
“This is a remarkable day for everyone associated with Mrs. Fields,” commented Michael Ward, Interim Co-Chief Executive Officer. “We are very pleased to have a confirmed Plan of Reorganization only 40 days after filing our prepackaged bankruptcy petitions, and see this as a testament to the hard work of our outstanding employees, franchisees and vendors, and to the dedication of our loyal customers.”
