August 6, 2018 / 11:32 PM / in 7 months

Chevys Mexican restaurant chain to be sold in bankruptcy

Restaurant operator RM Holdco LLC, operator of the Chevys Fresh Mex, El Torito and Acapulco Mexican Restaurant casual dining chains, filed for bankruptcy protection on Sunday and said it plans to sell itself in the face of debt, rising costs and competition from “fast-casual” restaurants.

RM Holdco Chief Restructuring Officer Jonathan Tibus said in papers filed on Monday in U.S. Bankruptcy Court in Delaware that shareholder Z Capital is serving as a stalking-horse bidder to put a floor on offers for substantially all of the company’s assets.

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