UPDATE 1-Fuddruckers, Uno chains get through bankruptcy

* Fuddruckers chain bought by Luby's

* Uno Chicago Grill owner slashes debt

* Both chains had filed Chapter 11 bankruptcy

NEW YORK, July 26 (Reuters) - Two U.S. casual dining chains have emerged from bankruptcy as Luby's Inc (LUB.N) bought the operator of Fuddruckers and the parent of the Uno Chicago Grill pizza chain emerged from six months under Chapter 11.

Luby's on Monday said it bought most of the assets of Magic Brands LLC, the parent of the Fuddruckers hamburger chain and Koo Koo Roo chicken chain, for $63.5 million in cash.

That purchase added 188 restaurants to the 96 that Luby's operates in Texas under its own name. Luby's won the right to buy the assets last month in a court-supervised auction.

Separately, Uno Restaurant Holdings Corp [UNORH.UL], which operates Uno Chicago Grill, on Monday said it left bankruptcy after reducing debt to $40 million from $176 million.

It said holders of about $142 million of senior secured debt got most of the stock in the reorganized company.

Many casual dining chains have struggled as consumers burdened by a weakened economy ate out less than before.

Uno has said it the rising cost of energy and ingredients such as cheese and wheat also hurt it.

The cases are In re: Magic Brands LLC, U.S. Bankruptcy Court, District of Delaware, No. 10-11310; and In re: Uno Restaurant Holdings Corp, U.S. Bankruptcy Court, Southern District of New York, No. 10-10209. (Reporting by Jonathan Stempel in New York. Editing by Robert MacMillan)