TULSA – Regional Tex-Mex chain Taco Bueno announced Wednesday that they will seek Chapter 11 bankruptcy protection in order to better suit themselves for a long term future. The Abilene, Texas based chain operates 169 restaurants, including two in the Owasso community and one in Skiatook.
“To implement the restructuring process, the Company and its subsidiaries have filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas and filed a prepackaged plan of reorganization (the “Plan”).” the company said in a statement. “Taco Bueno will continue to operate in the ordinary course of business, serving fresh and flavorful authentic Tex-Mex cuisine during the restructuring process.”
Taco Bueno LP entered into an agreement with Taco Supremo LLC, based in Dallas. Taco Supremo is an affiliate of Sun Holdings Inc., which owns more than 800 franchises of Burger King, Arby’s, Krispy Kreme and more. The agreement will allow Taco Supremo to assume some $10 Million in company debt.
While the news comes on the heels of the closings of eleven North Texas locations, the company is optimistic on its’ future.
“It is intended to facilitate a reorganization of the company, not a liquidation or going out of business,” Corporate officers said in a release. “We will remain open and operational.”
Taco Bueno currently operates restaurants in Texas, Oklahoma, Arkansas, Kansas, Louisiana and Missouri.