New World Coffee-Manhattan Bagel Inc. of Eatontown, NJ, recently offered $151 million for Einstein. In addition, it would take over as much as $30 million in debt. Einstein operates 461 stores in 30 states. New World in the second largest operator of bagel shops in the US.
Einstein filed for reorganization under Chapter 11 April 11. The company had grown too quickly and was saddled with $213.4 million in debt.
New World's offer is larger than previously offered by New York City-based Three Cities Fund L.P., which is an Einstein bondholder. An affiliate of Three Cities offered to pay $145 million in cash and assume $22.7 million in liabilities. If New World prevails, Einstein would become a private company.
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