Krispy Kreme to provide DIP financing for Canadian unit's restructuring

By Caroline Salls

Pittsburgh, April 15 - Krispy Kreme Doughnut Corp. said it will provide debtor-in-possession financing to fund the restructuring of KremeKo, Inc., its Canadian unit.

KremeKo, which is 40.6% owned by Krispy Kreme, filed an application for restructuring with the Ontario Superior Court for Justice Friday.

The court also approved the appointment of a chief restructuring offer to manage KremeKo's operations during the course of the restructuring.

"We believe that this process allows us to continue to serve customers in KremeKo's markets while simultaneously restructuring our Canadian operations on a sound basis so that we can continue to grow," Krispy Kreme Doughnuts, Inc. chief executive officer Steve Cooper said in a company news release.

Krispy Kreme is a Winston-Salem, N.C., branded specialty retailer of doughnuts.

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