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Rubio’s Restaurants, a presence in San Diego for nearly four decades, cleared a major hurdle Monday in its quest to emerge from bankruptcy by the end of this month.
A pre-negotiated plan for restructuring the company’s substantial debt of more than $72 million was approved by U.S. Bankruptcy Court Judge Mary F. Walrath, who commended the company, its lender and the committee representing unsecured creditors for working out their differences ahead of the hearing. Rubio’s had filed for Chapter 11 protection only two months ago.
As part of the plan, Golub Capital, Rubio’s long-time lender, has agreed to provide $52 million in so-called “exit” financing, of which $8 million was new funding to keep the company afloat during bankruptcy period and $7 million is new financing once the company emerges from bankruptcy.