- Exit from Chapter 11 expected by year-end
- Debt reduced by more than $35 million
- Investment capital and long-term financing secured
Carlsbad, CA (RestaurantNews.com) Rubio’s Restaurants, Inc., (together with its affiliates, “Rubio’s” or the “Company”), 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.
“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,” said 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 said: “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 serve as legal and financial advisors to the Company.
About Rubio’s Restaurants, Inc.
Rubio’s first opened in 1983 in the San Diego neighborhood of Mission Bay. Continuing a tradition of adventurous flavors and healthful options, Rubio’s uses responsibly sourced seafood and continues to expand its menu with innovative recipes ranging from seafood tacos and burritos to California Bowls and crisp, fresh salads. In addition, Rubio’s offers all-natural chicken, raised without antibiotics, and all-natural USDA Choice steak, “no fried” pinto beans, handmade guacamole, a variety of proprietary salsas, and craft beer and hard seltzer beverage options. The award-winning restaurant regularly receives accolades for its famous Original Fish Taco®. It was also recently ranked as one of Fast Casual’s “Top 50 Movers and Shakers” as well as one of the top five most loved fast casual chains ranked by Foodable Labs and Digital CoCo. Rubio’s is headquartered in Carlsbad, Calif., has over 3600 employees and currently operates over 150 restaurants in California, Arizona and Nevada. For more information, visit https://www.rubios.com.