Noteholders Scoop Up Real Mex Assets For $126M

Law360, Wilmington (February 10, 2012, 6:21 PM EST) -- Real Mex Restaurants Inc. won a Delaware bankruptcy court’s blessing Friday to sell its 178-restaurant chain and other assets to noteholders including private equity investors for $126 million in cash and credit, despite objections from unsecured creditors.

U.S. Bankruptcy Judge Brendan L. Shannon said he would sign off on the deal after a court hearing in which the official committee of unsecured creditors protested the sale. The committee cried foul because the deal provides no recovery for unsecured creditors — despite including substantial unencumbered assets —...
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