MEMPHIS, Tenn., Sept. 9, 2011 /PRNewswire/ -- Perkins & Marie Callender's Inc. (the "Company"), a leading operator of family-dining and casual-dining restaurants, has announced that the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") has approved the disclosure statement (the "Disclosure Statement") filed by the Company in connection with its proposed plan of reorganization (the "Plan"), subject to the Company filing the final version of the Disclosure Statement with the Bankruptcy Court. Approval of the Disclosure Statement clears the way for the Company to solicit votes from creditors with respect to the Plan.
In connection with approving the Disclosure Statement, the Bankruptcy Court established a voting deadline of October 14, 2011 for creditors that are eligible to vote on the Plan and scheduled a hearing regarding confirmation of the Plan for October 31, 2011.
Jay Trungale, President and Chief Executive Officer of the Company, said, "The approval of the Disclosure Statement moves us a significant step closer to completing our restructuring process and will enable us to pursue confirmation of our Plan at the end of October. We expect to emerge from our restructuring process later this year in a significantly strengthened financial position, and we continue to appreciate the support of our employees, customers, suppliers and other parties as we complete this process."
Additional information about the Company's reorganization, the Disclosure Statement and the Plan may be obtained by visiting www.PRKMCRestructuring.com.
This press release contains "forward-looking statements." These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should," or "will," or the negative thereof or other variations thereon or comparable terminology.
The company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. Some of the key factors that could cause its actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements include the following:
- competitive pressures and trends in the restaurant industry;
- prevailing prices and availability of food, supplies and labor;
- relationships with franchisees and financial health of franchisees;
- general economic conditions and demographic patterns;
- development and expansion plans; and
- statements covering business strategy
Undue reliance should not be placed on such forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. The company does not undertake and specifically decline any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.
SOURCE Perkins & Marie Callender's Inc.