Unsecured Creditors End Up In The Money In Rubio's Ch. 11

Law360 (December 21, 2020, 8:10 PM EST) -- A Delaware judge on Monday gave her nod to Rubio's Restaurants Inc.'s Chapter 11 plan after a settlement was reached with stakeholders that will result in a recovery for unsecured creditors not initially expected when the bankruptcy was filed.

During a hearing held virtually, U.S. Bankruptcy Judge Mary F. Walrath commended Rubio's and other parties for resolving most issues heading into the hearing and brokering the deal that will see unsecured creditors recover about $650,000 to $1 million.

Judge Walrath said the recovery for unsecured creditors was not anticipated at the outset of the bankruptcy.

Rubio's counsel said the recovery was...

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