The US Bankruptcy Court for the Southern District of Florida has confirmed Pompano Beach-based Roadhouse Grill’s reorganisation plan, leaving the casual-dining restaurant chain to emerge from Chapter 11 within 30 days.
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An overwhelming majority of Roadhouse Grill’s creditors voted to accept the plan. In addition, Roadhouse reached a settlement with the CNL creditors that had forced Roadhouse into reorganisation in April by refusing to join other Roadhouse creditors in an out-of-court workout arrangement.
“Our emergence from Chapter 11 in just four months is a major accomplishment,” said CEO Ayman Sabi. “Now that we are free from the distractions of bankruptcy court, we are extremely excited to be able to totally refocus on our business, our guests and on continuing to implement our plans, which we had begun prior to being forced into this action.
“With the Chapter 11 behind us and with the overwhelming support of our creditors and shareholders, we are re-energised and positioned for continued success, and we are very optimistic about our future.”
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