Mrs. Fields Files For Bittersweet Bankruptcy Protection

The Consumerist:

Mrs. Fields, the sweet old woman with the cookies, filed for Chapter 11 bankruptcy protection today because flour and milk have become too expensive. Besides, you people aren’t splurging on luxuries likes sweets or meals out anyway thanks to the ongoing non-recession inflation thing that also killed off Bennigan’s.

Under a prepackaged bankruptcy, Mrs. Fields would file for Chapter 11 protection having already developed a plan to repay its creditors and exit from bankruptcy. Mrs. Fields’s restructuring plan calls for its noteholders to exchange their $195.7 million in notes for $90 million in cash, $50 million in new senior secured notes and 87.5% of the company’s new common stock. The noteholders are expected to recover 86.5% on their claims.