August 10, 2016
Logan’s Roadhouse Inc., which owns and operates steakhouses throughout the United States, has filed for bankruptcy protection. As part of the deal, the company agreed to swap more than $300 million in debt to retain control of the restaurant chain. Additionally, the Nashville, TN-based company will shutter 18 of its under-performing restaurants, which were not announced.
The bankruptcy filing occurs several months after Logan’s skipped an interest payment to its bondholders. Kelso & Co., based in New York City, had acquired Logan’s parent company, LRI Holdings Inc., in a leveraged buyout valued at approximately $620 million in 2010. Logan’s will conduct its debt-for-equity swap with Kelso and one of its bondholders, Blackstone Group’s GSO Capital Partners LP.
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