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MIAMI-Roadhouse Grill Inc., a publicly traded restaurant chain based in Pompano Beach, FL, has emerged from Chapter 11 protection under the U.S. Bankruptcy Code, “technically on Sept. 30,” company CEO Ayman Sabi tells GlobeSt.com.

Under the reorganization plan, Roadhouse Grill shareholders of record on Sept. 30 received an extra .15 shares of Roadhouse Grill common stock for each share they held. These shares, combined with the currently outstanding shares of common stock, total 11.16 million shares, or 38.21% of the common stock in the reorganized company.

A total of 13.88 million new shares are being issued to new investors for a $5 million investment in the reorganized company. In addition, 4.16 million shares will be issued to a creditor for retiring $1.5 million in pre-petition debt. After the reorganization, the company will have 29.22 million shares issued and outstanding.

Roadhouse Grill Inc. owns and operates 69 restaurants and eight franchises in Florida and nine other states.

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