CNL Restaurant Properties Settles With Roadhouse Grill

ORLANDO-CNL Restaurant Properties Inc., almost drowning in red ink after posting a 2001 loss of $24.4 million, is settling a $3 million rent debt with Roadhouse Grill by agreeing to accept a five-year, 5% promissory note from the 73-unit Pompano Beach, FL-based restaurant chain.

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.