Country Style creditors approve restructuring

Country Style Food Services Inc. said yesterday a majority of creditors have approved the coffee and doughnut chain’s restructuring plan. The plan is still subject to court approval.

The Toronto Star
February 19, 2002

Country Style creditors approve restructuring

Country Style Food Services Inc. said yesterday a majority of creditors have approved the coffee and doughnut chain’s restructuring plan. The plan is still subject to court approval.

The company closed 25 locations late last year after issuing default notices to outlets that weren’t performing well. Under court protection from creditors, granted in December, it shuts 25 more Country Style stores.

Country Style’s principal shareholder, CAI Capital Partners – an investment firm that bought the operation from Maple Leaf Foods Inc. in 1999 in a $45 million deal – injected an undisclosed amount of new cash into the business, said Patrick Gibbons, president of Country Style Food Services.


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