Cosi (COSI) Appoints New Restructuring Chief Amid Bankruptcy
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Cosi, Inc. (Nasdaq: COSI) announced that it has appointed Randy Kominsky of Alliance For Financial Growth to serve as Chief Restructuring Officer, effective Tuesday, October 4, 2016.
Mr. Kominsky, 61, has over 25 years of experience working with companies and creditors in Chapter 11, out-of-court restructurings, turnarounds, and crisis management. Since June 1996, he has been President of Alliance For Financial Growth and has served in the capacity of CEO, CFO, board member, and advisor to growth and troubled companies, focusing on increasing cash flows and profitability and advising on mergers and acquisitions. From May 1993 to June 1996, Mr. Kominsky was with Coopers & Lybrand (predecessor to PriceWaterhouseCoopers), where he served as the National Partner in Charge of the Bankruptcy Consulting Practice, and was the Senior Partner responsible for Chapter 11 restructurings and for developing operational, financial, and turnaround plans, financial models, and due diligence for the sale of assets or infusion of new capital. From March 1980 to May 1993, he served as the Assistant General Counsel of Ryder System, focused on maximizing the recovery for all parties in many workouts and Chapter 11 cases. Mr. Kominsky received his Juris Doctor from Temple University Beasley School of Law and his Bachelor of Business Administration from Temple University.
Mr. Kominsky will report to Patrick Bennett, Cosi’s interim CEO & President, and will lead the Company’s restructuring efforts during the pendency of the Chapter 11 proceedings. Mr. Kominsky’s appointment and the terms of his engagement remain subject to the approval of the Bankruptcy Court.
As previously announced, Cosi and its subsidiaries filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of Massachusetts on September 28, 2016. The appointment of a Chief Restructuring Officer acceptable to the lenders was required by the terms of the previously disclosed non-binding Debtor-In-Possession (DIP) Financing Term Sheet dated September 28, 2016. As previously announced, in accordance with the sale process under Section 363 of the Bankruptcy Code, notice of the proposed sale to the DIP lenders or their designees will be given to third parties and competing bids will be solicited. Cosi’s Board of Directors will manage the bidding process and evaluate the bids, in consultation with independent professional advisors and as overseen by the Bankruptcy Court.
Court filings and other information related to the restructuring proceedings are available on Cosi’s website at www.getcosi.com.
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