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Exhibit 99.1
Contact: Anita-Marie Hill
310-788-2850
For Immediate Release
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Einstein/Noah Bagel Corp.
Creditors Committee Supports Plan
Golden, Colorado - September 14, 2000 - Einstein/Noah Bagel Corp. (the
"Company") and the Official Committee of Unsecured Creditors appointed in the
Company's Chapter 11 case (the "Committee") announced today that they have
reached agreement with respect to all outstanding issues regarding the Company's
plan of reorganization (the "Plan"). The Committee, which was appointed by the
United States Trustee to represent the interests of unsecured creditors of the
Company and its subsidiary, Einstein/Noah Bagel Partners, L.P., consists of
unsecured creditors holding in excess of $65 million of the Company's 7 1/4%
Convertible Subordinated Debentures. The Committee supports the Plan proposed
by the Company, although it reserves the right to challenge the distribution
under the Plan to Bagel Store Development Funding, LLC. The Committee joins
with the Company in urging unsecured creditors to vote to accept the Plan.
The deadline for voting on the Plan is 4:30 p.m. (Eastern Daylight Time) on
September 18, 2000.
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Certain statements in this press release constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors, many of which are described in the Company's Annual Report on
Form 10-K and other filings with the Securities and Exchange Commission, which
may cause the actual results, performance or achievements of the Company,
Einstein/Noah Bagel Partners, L.P., Einstein Bros. stores and Noah's New York
Bagels stores to be materially different from any future results, performance or
achievements expressed or implied by such forward looking statements. In
addition, forward-looking statements relating to the proposed plan of
reorganization and its intended consequences are subject, among other things, to
confirmation of the plan.
