The privately held company, which owns 750 company and franchised restaurant sites in more than 40 state, reportedly has prepared a bankruptcy filing. The company apparently violated several terms of its lending agreement with GE Capital Solutions, prompting the lender to declare a loan default and accelerate payments. One-time media mogul Kluge, the owner of Metromedia, is now in talks with GE to work out a last minute deal.
Many other casual chains have been facing hard times due to market conditions. Landry's Restaurants Inc. and Damon's International Inc. are two casual-dining chains that reportedly could pursue strategic alternatives. - Maria Woehr
Billionaire John Kluge's Metromedia Restaurant Group, owner of Bennigan's, Ponderosa and Steak and Ale, 
