The fast-casual chain has been unable to weather the restaurant industry downturn, with its same-store sales down 10% last month.
Amid the slump in commodity prices, the dry-goods shipper was unable to generate enough cash to satisfy creditors.
The liquidity support was approved under the EC’s 'extraordinary crisis rules for state aid to banks.'
The legislation passed Wednesday establishes a board to oversee Puerto Rico's finances, including a restructuring of its $72 billion debt.
The company founded by legendary hotelier John Q. Hammons says the bankruptcy is a strategic response to the litigation with an investor.
Members of Congress say the spinoff would amount to "a taxpayer-funded subsidy" to the gaming company and its private-equity owners.
The oil and gas exploration and production company has filed Chapter 11 to implement a restructuring agreement with its creditors.
The chief restructuring officer's duties and degree of autonomy need to be crystal clear, or conflicts could develop.
In a familiar refrain, SandRidge says the oil price slump has left it unable to service the debt load it took on while aggressively pursuing growth.
The Chapter 11 petition listed total liabilities of $9.97 billion against assets of $1.56 billion.