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To: Bill Harmond who wrote (24919)	11/7/1998 2:22:00 PM
From: Glenn D. Rudolph	Respond to of 164685

This fits this thread perfectly: "November 6, 1998 Boston Chicken Posts Big Loss As It Deals with Bankruptcy Dow Jones Newswires Ailing restaurant chain Boston Chicken Inc. on Friday reported a huge third-quarter loss as the company struggles to reorganize under Chapter 11 bankruptcy protection. The Golden, Colo.-based company said its third-quarter loss came to $288 million, or $3.79 a diluted share, compared with net income of $11 million, or 16 cents a diluted share, in the year-earlier period. But revenue more than doubled to $261 million from $110.8 million. Boston Chicken said an increase in the number of Boston Market restaurants and Einstein/Noah Bagel Corp. restaurants boosted revenue. Boston Chicken filed for bankruptcy Oct. 5, at which time it laid off 500 workers and closed 178 restaurants. The latest results include $260 million in charges, including costs related to the bankruptcy filing, the restructuring of the 1996 Master Lease, a provision for potential loan losses, and financing costs and other asset write-downs. Boston Chicken said its system-wide Boston Market restaurant revenue was $207.9 million in the latest quarter, down 21.5% from $265.1 million a year ago. So far in the fourth quarter, the number of customers has been down 7% to 9%, because of publicity of the company's recent Chapter 11 filing. The company said it has countered the customer count drop by introducing an a la carte whole rotisserie-roasted chicken for $5.99, but the company expects sales and margin softness to continue for now. Boston Chicken also said the Nasdaq Market notified the company it isn't in compliance with the net tangible assets requirement or the alternative $5 minimum closing bid price requirement for continued listing of its common shares. The company said it has a hearing scheduled for Nov. 19 regarding the compliance issues, and noted there can be no assurance of a continued listing of its common shares on the Nasdaq National Market after that date. Boston Chicken is still working through its Chapter 11 restructuring and reorganization plan. The company has received final approval of its $70 million debtor-in-possession financing plan. Boston Chicken said it is working to reduce its current debt of more than $900 million by about two-thirds under its plans of reorganization. The company's creditor committee, which includes mostly bondholders, has indicated it is willing to exchange debts for all of the equity of the reorganized company. Although the company said it is exploring opportunities to "preserve some value for existing shareholders, there can be no assurance that existing shareholders will retain any value.""