Victoria Station unveiled a reorganization plan.

The Larkspur, Calif., company said it reached an agreement in principal with representatives of both its secured and unsecured creditors on a plan of reorganization, which calls for the distribution of cash proceeds from the sale of certain restaurants and the issuance of about $11.2 million in secured notes. The agreement also provides for the issuance of 60% of the stock of the reorganized company to unsecured creditors. The remaining 40% is to be held by the company's common and preferred shareholders. The agreement is subject to definitive documentation, a vote of creditors and shareholders, and bankruptcy court confirmation.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World