Spectrum Restaurant Group Bankruptcy: Irell and Manella Announces a Consensual Plan of Reorganization has been negotiated

Irell & Manella Llp, Counsel To The Official Committee Of Unsecured Creditors In The Spectrum Restaurant Group And Affiliates Bankruptcy Cases, Announces That A Consensual Plan Of Reorganization Has Been Negotiated

Newport Beach, CA (PRWEB) June 19, 2004 -- Irell & Manella LLP, a full service law firm with offices in Los Angeles and Newport Beach, today announced the filing of a consensual chapter 11 plan of reorganization in the bankruptcy cases of Spectrum Restaurant Group and its affiliates (the Debtors"). The Debtors own, operate and franchise numerous restaurants throughout the country, with such well-known brands as Prego Ristorante, Tutto Mare, Chianti, MacArthur Park, Harrys Bar, Guaymas, Grandys, Spoons, National Sports Grill and Crabby Bobs.

The Plan -- which incorporates and effectuates various agreements among the Debtors, the Official Committee of Unsecured Creditors (the Committee") and the Debtors secured creditors relative to the treatment of creditors claims -- is vastly superior to the plan of reorganization originally proposed by the Debtors.

Jeffrey M. Reisner and Tavi C. Flanagan, attorneys in Irell & Manella LLPs Newport Beach-based bankruptcy practice, took the lead in representing the Committee in the Debtors chapter 11 cases. The Debtors were represented by Robert E. Opera and Stacey Pacelli of Winthrop Couchot PC. The Debtors secured lenders were represented by Mark Houle of Pillsbury Winthrop LLP and Matthew Lesnick of Bingham McCutchen LLP.
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Background Notes
•   One of the leading law firms in the United States, Irell & Manella LLP was founded in Los Angeles in 1941. Dedicated to excellence, the firm is a full-service commercial law partnership with a professional legal staff now comprising more than 240 attorneys, 89 of whom are partners.
•   Irell and Manella was voted the Best Law Firm in California to Work For" by law.com in 2003.
•   Irell & Manella LLPs insolvency department represents debtors, creditors, creditors committees, and bankruptcy trustees in legal cases throughout the United States.
•   For more information on Irell & Manellas full range of professional legal services, visit the firm online at www.irell.com.