Bracebridge Capital to Provide Bankruptcy Loan to Hooters
Bracebridge Capital is among the lenders that will provide a bankruptcy loan to Hooters of America to help fund the chain's Chapter 11 process, according to people with knowledge of the matter that asked not to be identified because they're not authorized to discuss the matter publicly.
The restaurant chain filed for bankruptcy on Monday, including roughly $300 million asset backed bonds that are tied to Hooters' franchise. The company will seek court approval to get $40 million of debtor-in-possession financing from certain existing lenders, including $35 million of new capital, Hooters said in a press release on Monday.
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