Metromedia Steakhouses Files for Chapter 11

By FE&S Staff -- Foodservice Equipment & Supplies, 10/22/2008 9:34:00 PM

Metromedia Steakhouses Company, L.P. and certain of its affiliates, which operate a chain of restaurants under the Ponderosa Steakhouse and Bonanza Steakhouse brands, announced that they filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code.

Ponderosa Franchising Company, Ponderosa International Development, Inc. and Bonanza Restaurant Company, which are subsidiaries of Metromedia Steakhouses and are the franchisors of the Ponderosa Steakhouse and Bonanza Steakhouse brands, were not included in the Chapter 11 filing.

Metromedia Steakhouses said it will reorganize around its franchise operations and a profitable core of company-operated restaurants.

In a company issued release, Metromedia Steakhouses said that it will continue operating and that it will be business as usual. Also in the release, Bob Hoffman, president of Metromedia Steakhouses, emphasized that the filing will have a positive long-term impact on the Company's domestic and international operations.

In connection with the filing, the Metromedia Steakhouses announced that it has received a commitment of secured debtor-in-possession (DIP) financing from its existing secured creditor, an affiliate, Metromedia Company. Upon receipt of bankruptcy-court approval, the Company will use the DIP financing and cash from operations to fund operating expenses.

Additional information is available via the following sources:

Dallas Morning News: Parent of Ponderosa, Bonanza steakhouses files for bankruptcy

Associated Press: Ponderosa Steakhouse owner files for Chapter 11

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