Ponderosa and Bonzana owner files for Chapter 11

by Eric Schroeder
Share This:

PLANO, TEXAS — Metromedia Steakhouses Company, L.P., which operates a chain of restaurants under the Ponderosa Steakhouse and Bonanza Steakhouse brands, has filed for Chapter 11 bankruptcy protection. The company said it plans to reorganize around its franchise operations and a profitable core of company-owned restaurants.

In connection with the filing, Metromedia said it has received a commitment of secured debtor-in-possession (DIP) financing from an affiliate, Metromedia Co., the company’s existing secured creditor. Metromedia said it intends to use the financing and cash from operations to fund operating expenses.

Metromedia said it has assets in the range of $1 million to $10 million and liabilities of $100 million to $500 million.

Metromedia’s bankruptcy filing follows that of S&A Restaurant Corp., which operates the Bennigan’s and Steak & Ale chains. S&A Restaurant filed for bankruptcy in late July.

Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.



The views expressed in the comments section of Food Business News do not reflect those of Food Business News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.