Uno Prepack Gives Bondholders Equity
PE-owned restaurant operator's plan includes $52 million in DIP financing
January 20, 2010
Restaurant operator Uno Restaurant Holdings filed a prepackaged Chapter 11 bankruptcy plan that will convert $142 million worth of senior secured bonds into a controlling equity stake in the company.
The plan, which has the support of a majority of bondholders, also includes $52 million in debtor-in-possession financing through existing senior lender Wells Fargo and the company's note holders.
Uno Holdings filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. The Boston-based company also filed a number of "first day" motions to allow it to pay employees and vendors during its reorganization.
Uno Holdings is controlled by New York-based private-equity firm Centre Partners.
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