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Vicorp Restaurants announced that it reached an agreement with its lenders Wells Fargo Foothill Inc. and Ableco Finance LLC to raise $7 million for short-term operations and to expedite the sale of the company.
Denver-based Vicorp operates Village Inn and Bakers Square restaurants. The company filed for bankruptcy in April citing debt, rising food prices and weakening consumer spending. It closed 56 restaurants, four of those in Colorado.
The restructuring under Chapter 11 was supposed to help Vicorp get out from under leases and allowed it to rework $180 million in bank loans, notes and trade debt.
The current deal includes the sale, which is expected to be complete by Jan. 31.
