T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, January 7, 2017, Vol. 21, No. 6
COSI INC: Posts $994,082 Net Loss at November 28
COSI INC: Posts $994,082 Net Loss at November 28
Cosi, Inc., filed with the U.S. Securities and Exchange Commission
its monthly operating report for the period from October 25, 2016,
to November 28, 2016.
The Debtor's statement of operations listed a net loss of $994,082
on $5.37 million of net revenue for the current reporting period, a
slight increase from $833,499 net loss recorded in October.
As of November 28, 2016, the Debtor had $25.45 million in total
assets, $22.84 million in total liabilities, and $2.61 million in
total stockholders' equity.
At October 25, 2016, the Debtor had $2.93 million cash. It had
total receipts of $7.15 million and total disbursements of $7.49
million. Disbursements include $385,553 in professional fees.
Thus, the Debtor had $2.58 million cash at November 28.
A copy of the monthly operating report is available at the SEC at:
About Cosi, Inc.
Cosi, Inc. -- http://www.getcosi.com/-- is an international fast
casual restaurant company. There are currently 45 company-owned
and 31 franchise restaurants operating in fourteen states, the
District of Columbia, Costa Rica and the United Arab Emirates.
Cosi, Inc., and its affiliated debtors filed chapter 11 petitions
(Bankr. D. Mass. Lead Case No. 16-13704-MSH) on Sept. 28, 2016.
The Debtors tapped Joseph H. Baldiga, Esq. and Paul W. Carey,
Esq., at Mirick, O'Connell, DeMallie & Lougee, LLP, as counsel, and
The O'Connor Group as their financial consultant. Randy Kominsky
of Alliance for Financial Growth, Inc., has been tapped as chief
restructuring officer to the Debtors.
The U.S. Trustee appointed an Official Committee of Unsecured
Creditors composed of: Robert J. Dourney, Honor S. Heath of Nstar
Electric Company, and Paul Filtzer of SRI EIGHT 399 Boylston. The
Creditors Committee is represented by Lee Harrington, Esq., at
Nixon Peabody LLP. Deloitte Financial Advisory Services LLP serves
as financial advisor for the Committee.
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