(MENAFN- Online PR News) Emerges from Court-Supervised Financial Restructuring
as Stronger and More Competitive Company
Online PR News 15-January-2019 Dallas, Texas Taco Bueno Restaurants LP ("Taco Bueno", or "the Company") today announced that it has completed its sale to Taco Supremo, LLC, an affiliate of Sun Holdings, Inc. ("Sun Holdings"), and has successfully emerged from its court-supervised financial restructuring. Through the restructuring process, Taco Bueno has substantially improved its financial position and established a sustainable capital structure.
Sun Holdings is a multi-concept franchisee based in Dallas, Texas, with more than 800 locations across eight states that also includes Burger King, Popeyes, Arby's, Golden Corral, Cici's Pizza, Krispy Kreme, GNC and T-Mobile. With more than 20 years of operating experience and expertise in quick service restaurants, Sun Holdings intends to invest in remodeling Taco Bueno locations and other brand initiatives to enhance the customer experience.
"Today marks a new beginning for Taco Bueno," said Omar Janjua, Chief Executive Officer, Taco Bueno. "With our sale to Sun Holdings and our financial restructuring completed, we are well positioned for long-term financial health as we grow our food offerings and brand with the added expertise and leadership of Sun Holdings. I'd like to thank our dedicated employees for their commitment to Taco Bueno through this process, and we look forward to continuing to serve freshly prepared meals, in real kitchens, using real ingredients and providing unmatched customer service to guests."
"We have a proven track record of successfully growing brands in this industry, and we are excited about leveraging our experience to reinvigorate Taco Bueno with new food offerings and streamlined marketing initiatives to strengthen its competitive position in the quick-service restaurant sector," said Guillermo Perales, Chief Executive Officer and founder of Sun Holdings. "We look forward to working closely with the Taco Bueno team to build on the Company's 50-year history and execute swiftly on our key priorities of food quality and enhanced value for customers, employees and the brand."
Taco Bueno's plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Northern District of Texas on December 31, 2018.
Vinson & Elkins LLP is serving as the Company's legal advisor, Houlihan Lokey is serving as its financial advisor, Berkeley Research Group is serving as its restructuring advisor, and JLL is serving as its real estate advisor.
About Taco Bueno Restaurants LP
Taco Bueno is committed to providing an authentic, better-tasting Tex-Mex experience through made-fresh-daily preparations, hand-selected ingredients, and genuine, friendly hospitality. Founded in 1967 in Abilene, TX, Taco Bueno is a privately held company that operates more than 145 restaurants throughout the American South and Southwest - including Arkansas, Oklahoma and Texas. To learn more about Taco Bueno, please visit www.TacoBueno.com or www.facebook.com/BuenoHeadquarters.
About Sun Holdings
Sun Holdings, Inc. is a national holdings group headquartered in Dallas, Texas, that owns and operates a portfolio of more than 800 locations in eight states. Sun Holdings has been ranked the 4th largest franchisee in the U.S. by Mega 99 2018 Rankings, and the Largest Hispanic Franchisee in the U.S. The organization operates 296 Burger King, 145 Popeyes, 87 Arby's, 21 Golden Corral, 32 Cici's Pizza, 18 Krispy Kreme, 135 T-Mobile, and 84 GNC locations, as well as 3 restaurants in various airports and approximately 160 real estate units. For more information, please visit http://www.sunholdings.net/.
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