NEW YORK – The owner of Ponderosa and Bonanza Steakhouse chains said on Wednesday it was filing for Chapter 11 bankruptcy protection.

Plano, Texas-based Metromedia Steakhouses Co. LP said it filed voluntarily in the U.S. Bankruptcy Court for the District of Delaware on Wednesday.

The filing is the company's second in nearly three months. At the end of July, a different subsidiary of Metromedia, S&A Restaurant Corp., filed for Chapter 7 bankruptcy liquidation. S&A owned the Steak & Ale and Bennigan's brands.

Metromedia did not immediately return phone calls from the media seeking comment.

Metromedia Steakhouses reportedly entered bankruptcy with assets of $1 million to $10 million and debt of $100 million to $500 million. Its creditors include GE Capital, which recently said it is being more cautious in its lending to restaurant franchisees.

The brand's franchisees were not included in the filing.

Metromedia Steakhouses reportedly said in a statement that it will "reorganize around its franchise operations and a profitable core of company-operated restaurants."


Source: Associated Press