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Taco Bueno Successfully Emerges from Chapter 11

Published: 01-28-2019

Vinson & Elkins advised TPG-backed, quick-service restaurant operator and franchisor Taco Bueno in connection with its prepetition debt sale transaction and subsequent prepackaged chapter 11 cases, which equitized $140 million in secured debt and transitioned ownership to an affiliate of Sun Holdings, Inc., one of the largest franchise operators in the United States.

As part of Taco Bueno’s comprehensive restructuring efforts, V&E also assisted Taco Bueno in renegotiating its lease portfolio to best position the company for future success. Taco Bueno emerged from chapter 11 less than two months after entering with a plan of reorganization that Bankruptcy Judge Stacy Jernigan noted, “preserves jobs, preserves a tenant for numerous landlords, preserves a customer for numerous vendors out there, and seems to right-size a company in the way that it really needed it.” Additionally, the Court complimented the efficiency of all professionals involved in the unique restructuring transaction stating, “[t]his case could have drug on much, much longer, and at the end of the day, I don’t think there would be more value for creditors, because it would be very costly.”

The V&E restructuring team was led by partners David Meyer and Paul Heath and senior associate Jessica Peet, with the assistance of associates Garrick Smith, Matt Pyeatt, Matt Struble, Andrew Geppert and Zack Paiva. Also advising were counsel Shaun Rogers and associate P.J. Tatum; partner Cris Dewar and associates Caitlin Snelson and Joe Higdon; and partner Matt Moran, counsel Jordan Leu, senior associate Jeremy Reichman and associates Holly Meyers and Tom Mitsch.

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