Dow Jones Newswires | A bankruptcy judge gave Uno Restaurant
Holdings Corp. the green light to send its restructuring plan to
creditors for a vote.
Judge Martin Glenn of the U.S. Bankruptcy Court in Manhattan signed an
order approving Uno’s disclosure statement. The document outlines the
restaurant chain’s plan to reduce its debt by, among other things,
handing the company over to holders of $142 million in notes.
Uno’s noteholders will swap their debt for all the common stock in the reorganized Uno. The noteholders are also slated to receive $1.75 million in cash — proceeds from the sale of the collateral securing their claims.
According to the disclosure statement filed May 7, the restructuring plan will reduce Uno’s debt to about $40 million from $176.3 million.
Creditors have until June 14 to vote on the plan, and Glenn will consider whether to confirm the document at a hearing on June 21.
Uno, of West Roxbury, Mass., sought bankruptcy protection Jan. 20 after seeing sales suffer during the economic downturn. It serves Chicago-style, deep-dish pizza at its Pizzeria Uno and Uno Chicago Grill restaurants, as well as in Uno Express kiosks in movie theaters, food courts, sports complexes, airports and other locations.
The best way for Uno to recover and stay out of banruptcy is to go back to its roots, back to being Pizzeria Uno, serving good old Chicago deep dish pizza. Forget Uno’s Chicago Grill. Forget all the bull**** types of “pizza” that were never meant to be outside of California. Forget the newer menu items. Go back to what was always done best, and start doing it well again.
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