hospitalitystyle.com

(January 2010) posted on Wed Jan 20, 2010 EST

Restaurateur says financial restructuring will allow it to expand

Uno Restaurant Holdings Corp. has filed for Chapter 11 bankruptcy and begun a restructuring that will recapitalize the company and eliminate much of its debt by converting $142 million of senior notes into a controlling equity stake. That recapitalization will give Uno the resources to invest in its growth opportunities, the company said.

"The Uno brand is strong; it's the balance sheet that needs fixing,” said Frank Guidara, the company's president and ceo. “Today's announcement marks the beginning of a new era for Uno wherein the company will no longer be saddled with a burdensome debt load. Accordingly, we will now be able to leverage our operational strength which, combined with the substantially improved cash flow expected to result from our restructuring, will put us in a position to make long-term investments in the future of Uno's core businesses.”

Boston-based Uno Restaurant Holdings Corp. includes 179 company-owned and franchised full-service Uno Chicago Grill units located in 28 states, the District of Columbia, Puerto Rico, South Korea, the United Arab Emirates, Honduras, Kuwait, and Saudi Arabia. The company also operates a fast casual concept called Uno Due Go, a quick serve concept called Uno Express, and a consumer foods division which supplies airlines, movie theaters, hotels, airports, travel plazas, schools and supermarkets with both frozen and refrigerated private-label foods and branded Uno products.