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Rubio's exiting from bankruptcy

Rubio's exiting from bankruptcyProvided


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."

Rubio'sfiled a financial restructuring deal in October with its sponsor, Mill Road Capital, and its lenders — funds managed by Golub Capital — to recapitalize.

"Rubio's entered the year in a strong financial position, which has helped the company remain flexible in navigating the unprecedented impact of the pandemic," Simon said. "The agreement with our sponsor and lenders will position the company to thrive in this constantly evolving market. This plan will strengthen our finances and allow us to continue to serve our loyal guests and drive our business forward."

Rubio's Co-Founder Ralph Rubio said the 37-year-old company never lost sight of the importance of taking care of our guests.

"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," he said.

Rubio's operates over 150 restaurants in California, Arizona and Nevada.


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