Logan’s Roadhouse, Inc., Nashville, Tenn., and certain of its affiliates filed petitions seeking reorganization under Chapter 11 of the U.S. Bankruptcy Code.
The filings are part of a consensual plan between the company’s owners, first-lien lenders and bondholders. The plan is designed to restructure the company’s balance sheet and provide the capital needed to turn around operations and position the company for future success.
As part of the restructuring, the company’s CEO, Sam Borgese, is leaving the company.
Also, Logan’s Roadhouse will be closing 18 underperforming restaurants.