Court OKs Mark Pi reorganization

Nation's Restaurant News, Sept 16, 1996

COLUMBUS, Ohio -- The U.S. Bankruptcy Court approved a reorganization plan for Mark Pi restaurants after two years of bankruptcy proceedings.

The plan grants 60 percent of the chain to creditors and adds two outside directors to a three-member board to oversee the newly named Express Franchise Inc. That entity will develop Mark Pi's Express restaurants under the leadership of Mark Pi Jr.

A second company, Reorganized JKMO Co. Inc., will be in charge of paying creditors over six years from proceeds from the franchise business. About 100 unsecured creditors who are owed $825,000 will become stockholders. Franchisees continue to operate 48 Mark Pi restaurants.