Cosi, which filed for Chapter 11 bankruptcy protection more than a year ago, has asked a judge to speed up the proceedings so the fast-casual chain can be eligible for federal relief funding for struggling restaurants.
A judge approved Cosi’s motion for an expedited hearing and has scheduled proceedings to take place next Tuesday, according to documents filed in U.S. Bankruptcy Court in Delaware late last month.
“The Debtors’ only realistic hope of emerging from bankruptcy, and avoiding a conversion and liquidation, hinges on their being able to successfully apply for a grant for the Restaurant Revitalization Fund,” Cosi wrote in its filing. “The Debtors believe that they qualify for a grant of $10 million dollars, which they believe would allow them to confirm, and go effective, on their plan.”
Read the source article at Restaurant Business Magazine