Abuelos, the Lubbock-based national restaurant chain, continues to be profitable as it restructures in Chapter 11 bankruptcy.
The latest monthly operating report said Abuelos started June with a $7.7 million cash balance and ended with $8.8 million.
The company also made minor modifications to its proposed bankruptcy plan which still needs approval from creditors with voting rights. A voting date was not yet set in the most recent court records.
Background summary
Abuelos filed for bankruptcy in September with roughly $31 million in both assets and liabilities. The company claimed in its original bankruptcy filing that inflation and wage pressure damaged profitability…