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California Pizza Kitchen (CPK), a restaurant concept founded in Beverly Hills and now operating 240 locations across 10 countries and U.S. territories, has announced the completion of its financial restructuring process, and emergence from Chapter 11.
As part of its financial restructuring, CPK completed a debt-for-equity transaction, and now has a substantially reduced debt load and increased liquidity, including exit financing that provides the capital to support CPK’s business and build on the company’s current business momentum.
Upon emergence, the company eliminated more than $220m of existing funded debt from its capital structure and now faces no near-term debt maturities. Substantially all of CPK’s equity is now held by CPK’s prepetition lenders.
“We are excited to embark on this next chapter for CPK and build on our current business momentum,” said Jim Hyatt, CEO of CPK. “We want to thank our partners, creditors, and equity holders for helping make our emergence plan so successful. We are a stronger and healthier company as a result of the restructuring and we look forward to delivering more of our innovative, California-inspired cuisine to our loyal CPK guest community.”
At the beginning of the year, CPK entered the Canadian market by partnering with Alberta restauranteur Samira Shariff. At the time, the brand announced it would also be targeting the Middle East, Asia, Australia, and Europe.
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