American Blue Ribbon Holdings Acquires Vicorp Restaurants
Successful restructuring of company achieved in less than 12 months.
-- Chain Leader, 3/30/2009 12:41:00 PM
PRESS RELEASE: Denver (March 30, 2009) - VICORP Restaurants, INC. announced today the sale of assets to American Blue Ribbon Holdings, LLC a new entity formed by Fidelity National Financial, Inc. ("FNF") and Newport Global Advisors. The motion to accept the sale of assets was submitted and approved on March 13, 2009 by Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del. and the deal closed on Friday March 27, 2009. As a result of the sale, American Blue Ribbon Holdings, LLC will own and operate the Village Inn and Bakers Square restaurant brands as well the VICOM pie operation.
"We are extremely pleased about the sale of VICORP to these two well known and successful companies. Completing this deal in the midst of such a difficult financial and credit environment is a remarkable achievement and a testament to the strength of our brands," said VICORP president and CEO Hazem Ouf.
"American Blue Ribbon Holdings will benefit from our recently executed strategic planning initiatives that have generated profitable results for the first time in many years. And, we have reshaped our business in order to successfully operate through these tough economic times. This sale is a very positive development for our family of restaurants, especially our employees, suppliers and loyal guests who can now count on the continuation of two of the most trusted names in family dining. As we exit from Chapter 11, we look forward to a new era of growth and financial stability and I am pleased to be able to continue to lead our organization going forward," stated Mr. Ouf, who will continue to hold these positions with American Blue Ribbon Holdings, LLC.
"We are excited to partner with the historically strong Village Inn and Bakers Square brands," said FNF Chairman William P. Foley, II. "Despite the difficult economic conditions, the newly reshaped operations have become profitable in a short period of time and the financial restructuring provides a significantly improved balance sheet and liquidity position. The company is now organized with strong leadership to succeed in the current market conditions, as well as having the financial flexibility to capitalize on future potential growth opportunities."
About VICORP Restaurants, Inc.
Headquartered in Denver, VICORP Restaurants Inc. operates two restaurant concepts under the proven and well-recognized brands Village Inn and Bakers Square, and its VICOM bakery operation. Founded in 1958, VICORP has 267 restaurants in 25 states, consisting of 177 company-operated restaurants and 90 franchised restaurants. Both Village Inn and Bakers Square are synonymous with award-winning pies and offer distinct, high-quality menu items for breakfast, lunch and dinner. Additional information can be obtained from the company's Web site at www.vicorpinc.com
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