Real Mex Restaurants Inc. Files for Chapter 11

Real Mex Restaurants Inc., which operates Acapulco, Chevy’s, and El Torito restaurants among other brands, filed for Chapter 11 bankruptcy protection today.

According to the bankruptcy filing, as of June 26 the chain had assets of $272.2 million and debt at around $250 million.

The Wall Street Journal reports that Real Mex is hoping to conduct an auction in three months, and that while the company does not have a leading bidder, Real Mex Executive Vice President and Chief Financial Officer Richard P. Dutkiewicz says they are “in active discussions” for a bid from creditors that hold a majority of the company’s $134.3 million in outstanding second-lien note debt.

Real Mex Restaurants Inc. is based in Cypress. The Acapulco restaurant in Diamond Bar closed in September, due to rising rents and economic reasons.