BOSTON—The parent company of Uno Chicago Grill has announced that it has emerged from Chapter 11 bankruptcy as part of a reorganization plan.
Frank Guidara, president and CEO of the Boston-based Uno, announced Monday the reorganization plan approved by United States Bankruptcy Court for the Southern District of New York.
Under the plan, the company will recapitalize and eliminate much of its debt by converting $142 million of senior notes into a controlling equity stake. That would eliminate $14.2 million in annual interest payments and reduce total debt from $176.3 million to approximately $40 million.
The company filed for Chapter 11 Bankruptcy protection in January.
Uno Restaurant Holdings Corp. operates 179 company-owned and franchised deep dish pizza restaurants in 28 states and several foreign countries.