Provided
Dec. 23, 2020
Rubio s Coastal Grill will exit from Chapter 11 by year s with its debt reduced by more than $35 million, now that the U.S. Bankruptcy Court for the District of Delaware has confirmed the California-based chain s restructuring plan We said at the outset that this would be a swift passage through the reorganization process, and it has been despite the challenges of operating restaurants in today s environment, CEO and President Marc Simon said in a company press release. With a significantly improved balance sheet, new long-term financing and a seasoned management team, Rubio s is well-positioned to respond to any COVID-related challenges and thrive as a leader in the industry for years to come.
The United States government, on behalf of the Internal Revenue Service and the Small Business Administration, objected to the proposed Chapter 11 plan of bankrupt restaurant chain Rubio's Coastal Grill late Tuesday, saying the agencies' claims aren't being handled in compliance with the bankruptcy code.