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In a press release, the Minneapolis-based upscalre seafood restaurant chain said it has reachex an agreement with secured lenders for a restructurinvplan “that will substantially improve the cash-flow generation of the In its bankruptcy filing, the company listed assets and debts of between $10 millionb and $50 million. Many of its restaurants have seen a drop in accordingto filings. Oceanaire, which filed for Chapter 11 in Dallas, is askingv a U.S. Bankruptcy Court to close “a number of its Four have already closed. Oceanaire Vice Presiden t of Culinary Development Wade Wiestling confirmed the company hascloserd “under-performing” locations in Charlotte, N.C.
, Philadelphia and Seattle. The Atlanta restaurant and 11 otherr locations willremain open. Oceanaire said it has reachec a deal with its lenders to for the useof “casjh collateral” during the bankruptcy process, “which shouldx provide the necessary liquidity to fund operationsz throughout the restructuring.” The compangy said it plans to pay its vendors for all post-petitioh purchases, and it anticipates no changes to employeex work schedules, pay or benefits, except at the closed Oceanaire said it expects to emergw from Chapter 11 by the end of the “Today, Oceanaire is takinv the necessary steps to positionb the company for the future,” CEO Terry Ryan said in a "During our restructuring, we expect to conduct business as usuakl in the vast majority of markets, and intens to work with our currenf vendors and to continue operations withourt interruption to our customers.
" Oceanairew was founded by Edina, Minn.-baserd in 1999. Parasole spun off the concept twoyeares later.
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