The owners of the Z'Tejas restaurant chain hope to reorganize the business two years after acquiring it, according to a chapter 11 bankruptcy petition filed on Monday, AZCentral.com reported. Cornbread Ventures LP, a partnership based in Austin, filed to reorganize the business in U.S. Bankruptcy Court in Phoenix. The filing followed the closing of four of the Southwestern-inspired restaurants and the collapse of acquisition/investment talks with an unnamed British company. The company will reorganize around five strong-performing restaurants — three in Arizona and two in Austin. The group's four other restaurants have closed.
