Waterloo Restaurant Ventures Inc Announces Bankruptcy

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Bankrupt Company: Waterloo Restaurant Ventures Inc View Profile Charts Homepage
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Chapter: 11
Voluntary? Yes
 

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Date:
Announced: Mar 12, 2012
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PRESS RELEASE - Waterloo Restaurant Ventures Inc Enters Bankruptcy

The Vancouver-based operator of Romano’s Macaroni Grill restaurants in the Portland area has filed for bankruptcy.
Waterloo Restaurant Ventures Inc. filed March 8 for protection from creditors in U.S. Bankruptcy Court for the Northern District of Texas.

Waterloo has an agreement with Dallas-based Brinker International Restaurants to develop the Romano’s Macaroni Grill concept in Portland, Seattle and San Francisco. It operates a dozen restaurants and employs 587, down from its peak payroll of 1,100.

The restaurant operator filed under Chapter 11 of the U.S. Bankruptcy Code, which signals that it intends to reorganize its debts and stay in business.

Waterloo's bankruptcy petition indicates its has between 200 and 999 creditors and assets and liabilities between $10 million and $50 million.

Its leading unsecured creditors are food supplier Sysco Portland, owed $250,000, Mac Acquisition LLC of Dallas, owed $102,000, Allan Sebank of Hillsborough, Calif., owed $66,000, Freshpoint of Turlock, Calif., owed $62,000 and several of its landlords. It owes $40,000 to BV Centercal LLC, the landlord for its Bridgeport Village location. Centercal indicated it wants to take the restaurant building back.

Court documents do not indicate if Waterloo plans to shut any of its restaurants.

Edit History:
Mar 13 '12
This version submitted by Anonymous

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