The settlement clears the way for Roadhouse Grill to emerge from Chapter 11 protection in September. A South Florida U.S. Bankruptcy Court judge accepted the company's reorganization plan this week.
Ayman Sabi, the chain's CEO, told the court the plan agrees to pay off its total $48 million debt in full by offering creditors either a five-year unsecured note or an eight-year secured note.
Sabi blames CNL for forcing the South Florida firm into bankruptcy protection in April of this year after other creditors purportedly agreed to longer debt pay-off terms.
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