Popular restaurant chain from Spain announces completion of bankruptcy restructuring; aims to continue U.S. market growth
Miami, FL (RestaurantNews.com) The popular restaurant chain from Spain, 100 Montaditos, today announced it has emerged from bankruptcy eight months after the Florida operator of the company filed voluntary petitions for Chapter 11 reorganization. The company—able to successfully establish a new operational structure and consolidate its U.S. positioning without paralyzing business activity— plans to now resume expansions across the U.S.
“It is with great pride that we’re able to share we have emerged from bankruptcy within eight months, an accomplishment that can only be attributed to our dedicated teams in the U.S. and Spain,” said Managing Director Ignacio Garcia Nieto. “We look forward to continue developing the 100 Montaditos brand and demonstrating our commitment to the U.S. market, our customers and existing franchisees.”
The agreement reached between 100 Montaditos and creditors was approved Wednesday, Nov. 4 by Honorable A. Jay Cristol of the United States Bankruptcy Court for the Southern District of Florida. The joint plan proposed by the company received the support of the Creditors Committee and was overwhelmingly approved by all creditor classes, which included former and operating franchisees.
In March 2015, 100M Holding, Inc., the parent company that operates the brand in the U.S., and 13 of its subsidiaries and affiliates filed for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Florida. The bankruptcy was limited to the chain’s Florida stores.
As part of the company’s restructuring efforts, a new management team was appointed, led by Garcia Nieto, who previously served as the Franchise Development Director for 100 Montaditos in the U.S. and Latin America. As managing director, Garcia Nieto has overseen the operations of the company as well as supported the restaurants operated by 100 Montaditos franchisees.
“We are very pleased to have accomplished our client’s goal and successfully obtained confirmation of the joint plan with overwhelming support of the creditors, which will allow 100 Montaditos to move forward with its business plan in the United States,” said Bankruptcy Counsel Mariaelena Gayo-Guitian, a partner at Miami-based Genovese, Joblove & Battista, P.A, which is representing 100M Holding, Inc. along with law partner Paul J. Battista.
Today, 100 Montaditos offers seven locations in the U.S., with five restaurants in Florida and one location each in New York City and Washington, D.C. With its Chapter 11 restructuring process completed, the company is working now to strengthen its U.S. presence. A 100 Montaditos in Doral, FL is slated to open in the next few months.
An innovative concept founded in 2000 in Huelva, Spain, 100 Montaditos has exploded in popularity through the past decade with the offering of its signature “Montaditos.” Deeply rooted in Spanish tradition, the crunchy, baked-to-order, tapas-sized rolls are presented in 100 variations and filled with authentic, high-quality tapa ingredients such as Serrano ham, chorizo and manchego cheese. The sandwiches range in price from $2 to $3. The casual restaurant chain now operates 350 company-owned and franchised restaurants in Belgium, Chile, Colombia, Guatemala, Italy, Mexico, Portugal, Spain, and the United States. 100 Montaditos is owned by the Madrid-based restaurant holding company Grupo Restalia, which also operates the beer pub franchise Cervecería La Sureña and The Good Burger.
To learn more about 100 Montaditos, please visit US.100Montaditos.com.