The filing doesn't mean the popular restaurant will go out of business, but instead, gives it a chance to get back on its feet.
Colorado's most iconic restaurant has filed for Chapter 11 bankruptcy. Summit Family Restaurants Inc., doing business as Casa Bonita, filed on April 6 for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Arizona in Phoenix.
Chapter 11 allows a debtor to propose a reorganization plan in order to continue the business and make payments to creditors over time. Under Chapter 11, businesses can also seek relief.
So not all hope is lost. In fact, the folks at Casa Bonita don't seem to be giving up, as the website states that the doors will be "re-opening soon!"
A GoFundMe page was created in March as an effort to save the restaurant—this was done prior to the bankruptcy filing—and it has raised more than $16,000 of its $100,000 goal.
*This article will be updated as more information is made known. Refresh for up-to-date information!
Have you been to Casa Bonita before? What do you think about the restaurant filing for Chapter 11 bankruptcy? Share your thoughts in the comments below.