November 8, 2018 / 12:26 AM / 7 months ago

Taco Bueno in Ch. 11 to prepare sale to franchisee giant Sun Holdings

Tex-Mex restaurant chain Taco Bueno filed for bankruptcy protection on Tuesday with a deal for a debt-for-equity swap giving its 169-location business to Sun Holdings Inc, one of the largest fast-food franchisees in the United States.

The restructuring deal between the two Dallas-based companies includes a $10 million commitment from Sun Holdings to support Taco Bueno while in Chapter 11 bankruptcy and plans for remodeling its restaurants to better compete for diners seeking quick-service Tex-Mex meals.

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