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(Revised from original 1998 version)
Flagstar Companies, Inc.
A large restaurant chain undergoes a leveraged buyout and subsequent recapitalization. Financial and operating problems at the company force it to consider various restructuring options, including a "prepackaged" Chapter 11 exchange offer to its public bondholders. A rewritten version of two earlier cases.
Keywords: Leveraged Buyouts;
Insolvency and Bankruptcy;
Financial Services Industry;
Gilson, Stuart C., and Jeremy Cott. "Flagstar Companies, Inc." Harvard Business School Case 299-038, May 1999. (Revised from original December 1998 version.)