Tuesday, February 23, 2021

Steak 'n Shake dodges bankruptcy, sues lender for alleged takeover scheme

Restaurant Dive
Steak 'n Shake on Friday repaid the remaining balance of the $220 million loan it owed its debtors, including Fortress Investment Group, Bloomberg reported Monday, citing people with knowledge of the payment. By paying off its debt, which had been reduced to $153 million and was due March 19, the burger chain avoided a potential Chapter 11 bankruptcy filing, which it had been preparing for with advisers FT Consulting Inc. and Latham & Watkins while negotiating its debt with Fortress. . . . more