Rubio’s Expected to Exit Chapter 11 by Year-End
As Seen in: QSR Magazine
DECEMBER 23, 2020
Rubio’s Restaurants, Inc., a fast casual restaurant chain specializing in coastal Mexican food, announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed its Second Amended Joint Plan of Reorganization. Senior Managing Director Melissa Kibler served as the company’s Chief Restructuring Officer, and Senior Managing Director Nishant Machado led the financial advisory team.
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.
“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,” says Marc Simon, President and Chief Executive Officer. “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.”
Rubio’s Co-Founder Ralph Rubio adds: “Throughout this process, our team never lost sight of the importance of taking care of our guests, serving our delicious food with the exceptional service that our guests have come to expect from their neighborhood Rubio’s.”
“With the successful completion of this milestone in the financial restructuring, Rubio’s is poised to continue to serve our customers for the next 37 years and beyond. We appreciate the strong support the Company has received from its lender, sponsor, creditors, suppliers, and guests, and offer a special thanks to our valued employees.”
Ropes & Gray LLP, Young Conaway Stargatt & Taylor LLP, Gower Advisors, B. Riley Financial and Mackinac Partners (now Accordion) serve as legal and financial advisors to the Company.