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ORLANDO-Locally based Cypress Restaurants Inc., Denny’s Restaurants’ largest franchisee in Florida with 41 units, is reorganizing under Chapter 11 of the U.S. Bankruptcy Code. A sister company in Georgia with 10 units is also regrouping under Chapter 11.

The Orlando company listed assets and liabilities of $45 million each. The franchisee filed for protection from creditors following the Sept. 11 terrorist attacks. Weekly revenue dropped to $700,000 from $1.1 million, according to the company’s filing.

One of the largest creditors is Cypress’ main food supplier, MBM Corp. of Rocky Mount, NC. MBB is owed $1.4 million.

David Milhausen took over as Cypress chief financial officer Oct. 1. The company has 2,000 employees. Denny’s parent is Advantica Restaurant Group Inc. of Spartanburg, SC which franchises 1,600 restaurants.

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