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...

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