UK Chain PizzaExpress Files Ch. 15 To Protect Restructuring

Law360 (October 5, 2020, 7:19 PM EDT) -- United Kingdom-based restaurant chain PizzaExpress filed a Chapter 15 petition in Texas bankruptcy court late Sunday seeking recognition of its British restructuring proceeding that will slash about £1 billion ($1.3 billion) from its balance sheet.

In its filings, PizzaExpress Financing 2 PLC said it commenced a restructuring case in the U.K. High Court after COVID-19 forced the closure of its nearly 500 restaurants in the U.K. and Ireland and plans to execute a debt-for-equity swap to eliminate most of its $1.7 billion of note debt.

The Chapter 15 petition extends bankruptcy protections to the foreign company, and PizzaExpress foreign representative Andrew...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!