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GlobeSt.com UPDATE: Roadhouse Grill Files for Chapter 11 Protection

MIAMI-The 73-restaurant Roadhouse Grill Inc. of Pompano Beach, FL says it is restructuring because Orlando-based CNL Restaurant Properties Inc. refused to settle past-due invoices out-of-court as other creditors have done.

By Alex Finkelstein | Updated on April 16, 2002

MIAMI-Roadhouse Grill Inc., a 73-restaurant chain based in Pompano Beach, FL, showing a nine-month loss of $12.8 million and facing a federal class-action lawsuit alleging fraudulent financial postings, Tuesday filed for Chapter 11 protection from creditors under the U.S. Bankruptcy Code.

In a prepared statement, Roadhouse president/CEO Ayman Sabi blames Orlando-based CNL Restaurant Properties Inc. for its involuntary filing.

“The company already has successfully negotiated with most of its creditors to restructure and repay its debts,” Sabi says. But “one group of unsecured creditors, all affiliated with CNL, refused to settle out of court of court for past-due invoices, thereby forcing Roadhouse Grill into Chapter 11.”

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