Cosi, Inc. (OTCMKTS:COSIQ) Files An 8-K Bankruptcy or Receivership
ITEM 1.03.
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Bankruptcy or Receivership. |
Cosi, Inc. (the Company), the fast-casual restaurant company,
today announced that, on January 5, 2017, it filed, in the United
States Bankruptcy Court for the District of Massachusetts
(Eastern Division) (the Court), a Motion for Authority to
Deregister Cosi, Inc. Common Stock [Docket No. 607] (Motion). By
this Motion, the Company is requesting the Court to issue an
order authorizing the Company to deregister its common stock
under Section 12 of the Securities Exchange Act of 1934, as
amended. As set forth in more detail in the Order, there is no
value to the Debtors estate in continuing to maintain the
Companys status as a publicly-traded company and, further, that
deregistration will serve to afford the Debtors estates
significant cost savings which they would otherwise incur in
connection with applicable reporting and compliance requirements
of the Security and Exchange Commission.
The Court has scheduled a hearing on the Motion to take place on
February 15, 2017, at 10:00 a.m. (Eastern). The hearing is before
the Honorable Melvin S. Hoffman, Chief United States Bankruptcy
Judge, at the United Sates Bankrutpcy Court located at Courtroom
No. 2, 12th Floor of the John W. McCormack Post Office and
Courthouse, 5 Post Office Square, Boston, Massachusetts. The
deadline to object and/or respond to the Motion is February 1,
2017, at 4:30 p.m. (Eastern).
The foregoing description of the Motion does not purport to be
complete and are qualified in their entirety by reference to the
Motion, copies of which are filed as Exhibit 10.1 to this Current
Report on Form 8-K and incorporated in this Item 1.03 by
reference.
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ITEM 3.03. |
Material Modification of Rights of Security Holders. |
The information set forth above in Item 1.03 of this Form 8-K
regarding the Motion for Authority to Deregister Cosi, Inc.
Common Stock [Docket No. 607] is incorporated herein by
reference.
ITEM 7.01. |
Regulation FD Disclosure. |
Additional information on the Chapter 11 Cases, including access
to documents filed with the Bankruptcy Court and other general
information about the Chapter 11 Cases, is available at a
subscription based service known as PACER at
https://pacer.mab.uscourts.gov/cgi-bin/login.pl.
The information in Item 7.01 of this Form 8-K is being furnished
and shall not be deemed filed for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the Exchange Act),
or otherwise subject to the liabilities of such section. The
information in Item 7.01 of this Form 8-K shall not be
incorporated by reference into any filing under the Securities
Act of 1933, as amended, or the Exchange Act, regardless of any
incorporation by reference language in any such filing.
ITEM 9.01. |
Financial Statements and Exhibits. |
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Exhibit No. |
Description |
Paper (P) or Electronic (E) |
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4.1 |
Motion for Authority to Deregister Cosi, Inc. Common Stock [Docket No. 607] |
E |
About Cosi, Inc. (OTCMKTS:COSIQ)
Cosi, Inc. owns, operates and franchises restaurants. The Company offers a range of house coffees and other espresso-based beverages, handcrafted specialty drinks, along with soft drinks, flavored teas, bottled beverages, including premium still and sparkling waters, teas and, in some locations, beer and wine. The Company operates approximately 110 company-owned and franchised restaurants operating in over 15 states, the District of Columbia, the United Arab Emirates (UAE), and Costa Rica. It operates and develops in both urban and suburban markets. It offers food and beverage products for approximately four dayparts, which include breakfast, lunch, snacking and dinner. The Company’s food menu includes hot and cold sandwiches, hand-tossed salads, bowls, soups, appetizers, flatbread pizzas, Squagels, breakfast wraps and other breakfast products, S’mores and other desserts. The Company features its Cosi bread in approximately two varieties, Original and Multi-Grain. Cosi, Inc. (OTCMKTS:COSIQ) Recent Trading Information
Cosi, Inc. (OTCMKTS:COSIQ) closed its last trading session down -0.0010 at 0.0130 with 16,069,173 shares trading hands.