Uno Restaurant Holdings Corp. finds itself in much calmer financial waters today.  After six months of reorganization and restructuring, the company has successfully emerged from its chapter 11 bankruptcy proceedings.  The bankruptcy allowed Uno to convert $142 million, 10 percent senior notes, into equity the company can use.

Uno, based out of Boston, will focus its efforts going forward on growing its current brands Uno Chicago Grill, Uno Due Go, Uno Express, and Uno Foods.  The company is expected to finish renovations and building on its Warwick, R.I, restaurant which will highlight Uno’s new prototype. 

September will see the company open Uno Due Go stores on two major U.S. college and university campuses.  Uno also has plans to open a number of new locations in high-traffic, high-profile locales in the upcoming months. 

The bankruptcy leaves Uno with a new majority shareholder in Twin Haven Capital Partners.  The move has allowed Uno to eliminate nearly $14.2 million in annual interest payments on outstand debts.  Additionally, the restructuring allowed Uno to reduce its total debt from approximately $176.3 million to $40 million.

Uno president and CEO Frank Guidara said that Uno has, “emerged from this process with a strong balance sheet and enhanced liquidity, which will enable us to invest in our business.  Today marks a new beginning for Uno.”

Uno’s bankruptcy plan was approved by the U.S. Bankruptcy Court on July 6.  The company has 166 company and franchised restaurants across the globe.

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