Steak ’n Shake Is Said to Repay March Debt to Avert Bankruptcy
- Restaurant chain had pondered Chapter 11 amid a cash crunch
- Pandemic and spending on new format strained the balance sheet
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Steak ’n Shake Inc. purchased and retired the remaining balance of its $220 million loan due next month, according to people with knowledge of the payment, averting a potential bankruptcy filing.
The company completed its repurchase from lenders on Feb. 19, said the people, who asked not to be named discussing private transactions.