Metromedia Steakhouses Emerges from Bankruptcy
Metromedia Steakhouses Company L.P., owner of restaurant chains Ponderosa and Bonanza, successfully emerges from Chapter 11 and is renamed Homestyle Dining LLC.
-- Chain Leader, 10/16/2009 8:38:00 AM
PRESS RELEASE: PLANO, Texas--(BUSINESS WIRE)--Metromedia Steakhouses Company, L.P. (MSC) and certain of its affiliates, which operate a chain of restaurants under the Ponderosa(r) Steakhouse and Bonanza(r) Steakhouse brands, announced that they had emerged from Chapter 11 on October 14, 2009. MSC and its affiliates previously received confirmation of their Second Amended Joint Plan of Reorganization from the U.S. Bankruptcy Court for the District of Delaware.
MSC also announced that it had changed its name to "Homestyle Dining LLC" as part of its successful reorganization around a profitable core of company-operated restaurants and franchise operations.
"We are quite pleased to have emerged from chapter 11 as a stronger, more financially stable company," said Bob Hoffman, President of Homestyle Dining LLC. "Our management has streamlined the company's operations and created a strong foundation upon which to improve our future performance, both domestically and internationally. We would especially like to thank our many loyal employees, guests and vendors, as well as our Ponderosa and Bonanza franchisees, for all of their unwavering support in helping us to achieve this exciting milestone. With the support of all of our team members and franchisees, we now look forward to focusing all of our efforts on our core mission of providing a casual, affordable dining experience with the great tasting, high quality steaks and buffet foods for which Ponderosa and Bonanza restaurants are well-known."
Hoffman continued, "Given the challenging economic conditions currently facing many of the communities in which we operate, we strongly believe, now more than ever, that consumers want big value for the money and that's what our dining experience offers. We go to great lengths to provide tender, juicy steaks, chicken and seafood along with an abundant buffet that offer variety and "freedom of choice," so that there's something for guests of all ages and walks of life."
About Homestyle Dining LLC
Formerly known as Metromedia Steakhouses Company, L.P., Homestyle Dining LLC, directly and through its affiliates, owns, operates and franchises family-focused restaurants throughout the United States and internationally under the Ponderosa Steakhouse and Bonanza Steakhouse brands. Ponderosa and Bonanza steakhouses serve up hospitality and value by the plateful! Guests enjoy both a quality buffet, which features a large variety of "all you can eat" salads, soups, appetizers, vegetables, breads, hot main courses and desserts, as well as flame-grilled steaks, chicken and seafood, all at a very affordable price in a place that is casual and comfortable.
