New Delaware Chapter 11 Filing – RUI Holding Corp.
RUI Holding Corp. (a/k/a Restaurants Unlimited), along with three of its affiliates, has filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-11509-KBO). According to the accompanying Declaration, the Debtors are the owners and operators of 35 restaurants in 6 states, primarily along the west coast. The Debtors cite certain changes to wage laws in their primary geographic locations, coupled with two expansion decisions that restricted their liquidity, as the principal factors which led to their Chapter 11 filing. The Debtors report that they currently have less than $150,000 in cash on hand, total assets of $50-100 million and liabilities of $50-100 million. The cases have been assigned to the Honorable Karen B. Owens.
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