Tuesday, July 29, 2008

Liquidate

Recession could bring a lot of these.

Bennigan's and Steak-and-Ale restaurant chains, owned by Metromedia Restaurant Group, sought permission to liquidate in bankruptcy court protection, without citing a reason.

The Wall Street Journal recently reported that the Metromedia Restaurant Group prepared a bankruptcy filing after allegedly violating several terms of a lending agreement with GE Capital Solutions.