According to a report on BusinessWeek.com, “Uno Restaurant Holdings Corp., the operator and franchisor of 170 pizzerias, filed a Chapter 11 reorganization plan that calls for a $27 million offering of notes and projects lower sales and earnings this year.”

“Uno Restaurant’s rights offering of second-lien notes would enable it to repay an outstanding loan and exit Chapter 11, the Boston-based company said in court papers filed yesterday in U.S. Bankruptcy Court in Manhattan. The restaurant chain, which made its name selling deep-dish Chicago-style pizza, filed for court protection in January, citing increased costs and lower consumer spending. Secured debtholders Twin Haven Capital Partners LLC and Coliseum Capital Management LLC have agreed to backstop the notes offering, which means they would purchase any notes not acquired by other investors. The committee of unsecured creditors initially opposed the plan because it provided no recovery on their claims. After negotiations, senior secured noteholders agreed to pay 10 percent of the unsecured creditors’ claims, up to a maximum payout of $1.75 million.”