Avado Brands emerges from Chapter 11

<p>Avado Brands, the parent company of Don Pablo's Mexican Kitchen and Hops Grillhouse and Brewery, announced Thursday that it has emerged from Chapter 11 bankruptcy after 15 months of reorganization.</p><p>Avado filed for protection from creditors on Feb. 4, 2004, after struggling for years and selling off chains such as Applebee's, McCormick & Schmick's and Canyon Cafe. Chairman and chief executive Tom E. Dupree, for whom Georgia Tech University named its Dupree College of Management, resigned in November 2003.</p><p>Avado finishes its restructuring as a privately held company, delisting its stock from the OTC Bulletin Board.</p><p>Raymond P. Barbrick, who became president and chief executive in October, has expanded his senior management team and credits it with a turnaround that he said has led to increased traffic and sales ad Don Pablo's and Hops.</p><p>Avado received an infusion of $70 million in stock purchases and credit from DDJ Capital Management of Wellesley, Mass., which has become the majority equity holder.</p><p>"Through their financial strength, we are a well-capitalized company poised for growth," Barbrick said in a statement.</p><p>Avado Brands owns and operates 96 Don Pablo's in 19 states and 22 Hops restaurants in eight states.</p>

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