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Cosi (COSI) Files for Chapter 11 Bankruptcy

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Cosi, Inc. Files for Chapter 11 Restructuring

September 28, 2016 1:30 PM EDT

BOSTON, Sept. 28, 2016 (GLOBE NEWSWIRE) -- Cosi, Inc. (NASDAQ: COSI), the fast-casual restaurant company, today announced that it and its subsidiaries filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of Massachusetts, initiating a process intended to preserve value and accommodate an orderly going-concern sale of Cosis business operations. 

Cosi has obtained approximately $4 million in post-petition debtor-in-possession (DIP) financing, which, subject to Bankruptcy Court approval, will provide the Company with liquidity to maintain its operations in the ordinary course of business during the Chapter 11 process. 

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