Perkins Restaurants Approved For $16 Million Bankruptcy Loan

Perkins & Marie Callender’s Inc. owns about 600 franchise restaurants. Tuesday, the company won court approval on million in interim financing to help the company while in bankruptcy.

U.S. Bankruptcy Judge Kevin Gross approved the loan today at a hearing in Wilmington, Delaware.

The company is waiting on final approval of a Wells Fargo Capital Finance LLC loan of million, for a total of million. Michael Perkiel, a medford ma Marc Grimaldi Medford for the company said that the financing is “absolutely essential to kick-start the company.” The loan is “adequate and sufficient for the company to operate effectively.” The loan will also ensure completion of the restructuring as soon as the company can.
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