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Santa Fe Cattle Company Files for Chapter 11 Bankruptcy Protection

Posted : Thu, 16 Jul 2009 13:22:15 GMT
Author : Santa Fe Holding Company, Inc.
Category : Press Release
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NASHVILLE, TN -- 07/16/09 -- Santa Fe Holding Company (PINKSHEETS: SFHD) announced that it has voluntarily initiated proceedings under Chapter 11 in U.S. Bankruptcy court in Nashville, TN.

Santa Fe intends to use the reorganization process to strengthen its financial position which will improve operating and financial performance. Additionally, the Company will undertake further expense reduction plans to enhance productivity and provide marketing support to expand its loyal customer base.

While 16 new stores built over the last two years have flourished, several of the older units have under performed. Three of those units were closed on July 15.

According to CEO Danny York, "Santa Fe continues to be dedicated to giving customers the freshest food in a friendly atmosphere. The recent filing will allow us to reorganize our company and emerge stronger than ever."

Mr. York added, "Our business decision was made in the best interest of all of our dedicated employees and vendor partners who, like us, believe in the success of this concept. This decision not only protects the approximately 2,300 people we employ, but the hundreds of local businesses they support as consumers."

A DIP loan commitment has been secured and, subject to court approval, will provide funds for operating expenses. Craig Silvey, President of Integris Solutions, will play a key role in helping the Company during the restructuring process.

The company has filed "First Day" motions seeking Bankruptcy Court approval to conduct business as usual. The motions are intended to allow the Company to continue paying employees and vendors during the reorganization process.

About Santa Fe Holding Co.

Publicly traded Santa Fe Holding Company (PINKSHEETS: SFHD), of Brentwood, Tenn., operates Santa Fe Cattle Co., one of the nation's fastest growing casual dining restaurant chains. It owns 27 restaurants in 6 states and 1 franchise unit. Founded in 1996, customers enjoy a blend of aged, hand cut USDA Choice steaks, ribs, fajitas, Texas Hill Country-influenced homemade sauces and dressings and other favorites developed exclusively for the company. The unique atmosphere creates a fun, family-oriented atmosphere with awesome food and friendly service -- all at a reasonable price. For more info: www.santafecattle.com.

Safe Harbor

Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, trends in the markets, variations in the company's cash flow, competition, availability and cost of materials and labor and suitable real estate locations, and other risk factors.

Media Contacts:
Paul Jankowski
Access Brand Strategies, Inc.
615-724-1049
paul@accessbrandstrat.com


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