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Buyer found for Einstein/Noah bagel chain
The Denver Business Journal - February 12, 2001
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Golden-based Einstein/Noah Bagel Corp. will seek bankruptcy court approval for its sale to ENB Acquisition LLC, an affiliate of the New York-based company Three Cities Fund III LP.
ENB Acquisition has agreed to pay $167.7 million for the assets of Einstein/Noah Bagel Corp. and the assumption of $22.7 million in liabilities. The sale is pending approval of a Phoenix bankruptcy court where the Chapter 11 case motion was filed.
Einstein/Noah Bagel Corp. filed its Chapter 11 petition in April 2000 after filing a reorganization plan.
Robert Hartnett, chairman and CEO of Einstein/Noah Bagel Corp. said in a written statement that the sale to Three Cities was the best alternative for the two financially beleaguered companies.
"The boards concluded that the sale provides fair value in cash to stakeholders," Hartnett said.
A ruling on the sale is expected to be delivered on Feb. 26, the same day a hearing is scheduled to consider bidding procedures and related matters.
Einstein/Noah Bagel Corp. operates 461 bagel stores in 29 states under the Einstein Bros. and Noah's New York Bagels brands. The companies are known for their bagels, cream cheese spreads, soups, sandwiches and salads.
Three Cities Fund III LP is a private equity firm specializing in investing in securities chosen by an investment committee.
This info is not to be construed as a solicitation to buy/sell securities. Hdogtx reserves the right to either BUY/SELL shares in a company's stock he mentions.
This info is not to be construed as a solicitation to buy/sell securities. Hdogtx reserves the right to either BUY/SELL shares in a company's stock he mentions.
