Franchised-owned restaurants are not included, nor are thePonderosa and Bonanza steakhouse chains, which operate underanother subsidiary. Local published reports varied from immediateclosings to other units opening today.
In the filing with the Eastern District of Texas, the companylists $100 million to $500 million in assets and $10 million to $50million in liabilities. In June, the company put 59 Floridarestaurants up for sale. At that time, Metromedia had said it waslooking to restructure its debt, and had not prepared to file forbankruptcy. However, the Wall Street Journal recently reported thatMetromedia Restaurant Group had violated terms of a lendingagreement with GE Capital Solutions. Metromedia operates orfranchises about 800 restaurants.
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