Prandium Inc. says both it and its subsidiary, FRI-MRD Corp., elected not to make their interest payments on some senior notes with maturities ranging from 2002 to 2004. Prandium owns the Koo Koo Roo fast-food chain, as well as the mid-price Hamburger Hamlet and Chi-Chi's restaurants.
Publicly held Prandium, whose stock now sells for about four cents a share, hasn't reported its financial results for 2000. The company lost money in 1997, '98 and '99.
Last month, the company announced that it had hired Newport Beach-based Crossroads LLC as a financial advisor and is negotiating with its creditors. Prandium says that if it can't meet its March 3 payment deadline, some of those creditors may initiate legal action.
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