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Z’Tejas set to emerge from bankruptcy as new holding of Iron Cactus’ parent

Z’Tejas Southwestern Grill is set to emerge from bankruptcy after the planned acquisition of the nine-restaurant chain by a Texas partnership.

Cornbread Ventures, a new entity formed by three partners in Austin, announced the signing of an agreement to buy Z’Tejas. The five Arizona locations, and three in Texas, will remain open, the partnership said.

Cornbread Ventures’ partners consist of Gary Manley, Mike Pottorff and Michael Stone. Manley and Pottorff are general partners of the Iron Cactus Mexican Grill & Margarita Bar, which operates restaurants in Texas. Stone is a principal at the Stone Group, an Austin commercial real estate investment company that provides management, relocation and advisory services.

Cornbread Ventures released a statement saying the agreement assures that Z’Tejas Texas and Arizona locations will remain open for years, although the Orange County Register reported that the restaurant at South Coast Plaza in Costa Mesa will close near the end of this month. That restaurant is Z’Tejas’ only California location.

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