AMERICAS DISTRESS DAILY: Pappas Makes Bid for On The Border

Pappas Restaurants is preparing to acquire On The Border Mexican Grill & Cantina to help the Tex-Mex chain emerge from bankruptcy. The Texas-based parent of brands like Pappas Bros. Steakhouse, Pappas Bar-B-Q and Pappadeaux Seafood Kitchen has made a bid to take over On The Border as part of a sale in bankruptcy court.

• On The Border filed for bankruptcy protection on March 4 in Atlanta, citing challenges such as labor costs, falling customer traffic and inflationary pressures.
• The Pappas family has been operating restaurants since the late-nineteenth century and now runs nine different dining brands.

In Other News:

• A ...