Under the reorganization plan, Roadhouse Grill shareholders of record on Sept. 30 will get an extra .15 shares of Roadhouse Grill common stock for each share they hold. These shares, combined with the currently outstanding shares of common stock, will total 11.16 million shares, or 38.21% of the common stock in the reorganized company.
A total of 13.88 million new shares will be issued to new investors for a $5 million investment in the reorganized company. In addition, 4.16 million shares will be issued to a creditor for retiring $1.5 million in pre-petition debt.
After the reorganization, the company will have 29.22 million shares issued and outstanding. Stock certificates for the extra shares will be sent to the holders of record at 5 p.m. Sept. 30.
The U.S. Bankruptcy Court for the Southern District of Florida confirmed the company's plan for reorganization Aug. 21.
A majority of Roadhouse Grill's creditors previously had accepted the plan. Roadhouse also reached an agreement with creditors of Orlando-based CNL American Properties Fund that had forced the company into reorganization in April.
Roadhouse Grill Inc. owns and operates 69 restaurants and eight franchises in 10 states.
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