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Company’s post-bankruptcy plans include new prototype design for its flagship brand
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Uno Restaurant Holdings Corp. said it has emerged from Chapter 11 after having its reorganization plan approved by the U.S. Bankruptcy Court for the Southern District of New York. That process involved converting $142 million in senior secured notes into equity, thereby eliminating $14.2 million in annual interest payments and reducing the chain's total debt from $176.3 million to approximately $40 million.
Now that it's out of bankruptcy court, the chain plans to “to turn our full attention to the growth and development of the Uno brands,” said Frank Guidara, president and ceo. As part of that effort, the company said it will soon complete the renovation and reopening of its Uno Chicago Grill unit in Warwick, R.I., whose design will serve as that chain's prototype for future developments. The company is also expanding its Uno Due Go and Uno Express chains.
Rob Webster, senior managing director and co-founder of Twin Haven Capital Partners, the new majority shareholder of the company, said “Uno is a great company that was hampered by an over-leveraged balance sheet. We are excited about the potential of its great brands now that we have an appropriate capital structure for the Company. I am looking forward to working with Frank and the rest of the management team, along with our shareholder partners, which include Coliseum Capital and Newport Global Advisors, to help Uno achieve its goals."
Boston-based Uno Restaurant Holdings Corp. has166 company-owned and franchised restaurants located in 24 states, the District of Columbia, Puerto Rico, South Korea, the United Arab Emirates, Honduras, Kuwait and Saudi Arabia.
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