One of the largest shareholders of the El Torito and Chevys Fresh Mex restaurant chains is preparing to take full ownership after a bankruptcy judge approved its $46.8 million purchase offer last week, WSJ Pro Bankruptcy reported. Bankruptcy Judge Mary Walrath of the U.S. Bankruptcy Court in Wilmington, Del., on Friday cleared investment firm Z Capital Group LLC to buy the restaurants out of bankruptcy protection. RM Holdco LLC, the bankrupt owner of the two chains and several smaller brands, filed for bankruptcy on Aug. 5 amid a search for buyers. The Cypress, Calif., company’s combined brands make it one of country’s largest Mexican casual-dining operators: It has roughly 80 restaurants, mostly in its home state. No other bidders emerged during the bankruptcy case to challenge the offer from Z Capital Group, according to court papers.
