Rubio’s Coastal Grill Receives Court Approval of Joint Prepackaged Plan of Reorganization
December 22, 2020 · ·
Rubio’s Restaurants, Inc., a fast casual restaurant chain specializing in coastal Mexican food, best known for its award-winning Original Fish Taco, announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed its Second Amended Joint Plan of Reorganization.
This important milestone means that Rubio’s will emerge from the Chapter 11 process with a strengthened capital structure, improved financial stability and enhanced liquidity to support continued operation of its restaurants. The company is scheduled to complete its financial restructuring by the end of the year, as expected.
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.