Sbarro files plan to exit Ch. 11

Sbarro Inc. proposed Tuesday to exit Chapter 11 bankruptcy by filing a joint plan of reorganization that would cut its debt by 73 percent, or $295 million, to a $110 million senior secured exit term loan facility.

The operator or franchisor of more than 1,000 quick-service Italian restaurants said the proposal is subject to an overbid process, which allows Sbarro’s creditors to maximize their recovery of the company’s $405 million in debt.

The plan, which

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