Industry News | March 4, 2010

UNO Gets a Hand in Bankruptcy

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Real estate and financial restructuring firm Huntley, Mullaney, Spargo & Sullivan LLC (HMS) was retained in the Chapter 11 bankruptcy of UNO Restaurants Holdings Corporation (UNO) on January 20. Founded in 1943 as Pizzeria Uno, UNO Restaurants operate 175 restaurants in 28 states. The company recently shut down 17 restaurants and will work with HMS to help restructure and/or renegotiate their remaining leases.

“Together with UNO corporate management, we are evaluating each site in the portfolio and will restructure leases to ensure the long term success of each unit that is assumed in the bankruptcy,” says HMS engagement partner Bill Sullivan, a former restaurant CFO. “We focus on keeping viable restaurant locations open throughout the process, creating cash flow and retaining employees.”

Additionally, HMS will assist UNO restaurants with: negotiating lease modifications with landlords and obtaining debtor approval; assisting in communicating and negotiating a lease restructuring plan with debtor’s constituents, including creditors, employees, vendors, shareholders, and interested parties; providing financial advice and participating in negotiations with creditors, stakeholders, and appropriate parties; advising and attending meetings of its committees; assisting debtors in implementing and negotiating lease restructures; and providing general lease restructuring advice.

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