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BUSINESS
April 30, 1998
Newport Beach-based American Restaurant Group Inc. said it earned $1.5 million in the first quarter, compared with a net loss of $2.1 million a year earlier. The company also recorded an extraordinary gain of $9.6 million from refinancing during the quarter. The company, which lost $2.1 million in the first three months last year, sold $190 million of bonds and preferred stock rights in February to refinance its debt in a move to gain more breathing room. Revenue was down 2% to $112.
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BUSINESS
August 30, 2000
American Restaurant Group Inc., which sold four of its chains to founder Anwar S. Soliman in June, moved its headquarters to Los Altos to join the head office of its remaining operation, Stuart Anderson's Black Angus Restaurants. The former Newport Beach company appointed George G. Golleher as chairman and Ralph S. Roberts as chief executive. They replaced Soliman, who relinquished the posts after the sale but who remains on the board. Golleher has been a company director since 1998.
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BUSINESS
May 10, 2000 | LESLIE EARNEST, TIMES STAFF WRITER
American Restaurant Group Inc. said Tuesday it will sell four of its restaurant subsidiaries for as much as $25 million to reduce debts, while retaining its Stuart Anderson's Black Angus eateries. The Newport Beach-based company, which earlier tried to unload the Black Angus chain to ease debt, says it agreed to sell Grandy's Inc., Spoons Restaurants Inc., Local Favorite Inc. and Spectrum Foods Inc.
BUSINESS
February 5, 1987 | MARY ANN GALANTE
Marriott Corp. said it has completed the sale to American Restaurant Group Inc. of Newport Beach of several restaurant chains formerly owned by its Saga subsidiary. Terms of the sale were not disclosed, but sources close to the deal valued it at $280 million. The transaction gives American Restaurant Group a total of 328 restaurants. American Restaurant Group was founded by its largest shareholder, Anwar Soliman, and a group of management executives.
BUSINESS
April 15, 1997 | Greg Johnson
American Restaurant Group's recurring losses from operations "raise substantial doubt about its ability to continue as a going concern," the firm's accountants warned in a report filed Monday with the Securities and Exchange Commission. The cautionary notice, reported in a regular SEC filing, said that the company suffers from a "net capital deficit, has a sinking fund payment of $41.5 million due Sept. 15, and may be required to renegotiate its senior debt if it cannot meet amended covenants."
BUSINESS
December 24, 1996
American Restaurant Group Inc. said Monday that it has received preliminary proposals from several parties to buy its Stuart Anderson's Black Angus restaurant division. The company has retained Salomon Brothers to evaluate the possible sale of the steakhouse chain, which has 101 outlets and posted revenue of $244 million in 1995.
BUSINESS
September 16, 1997 | P.J. HUFFSTUTTER, TIMES STAFF WRITER
Financially troubled American Restaurant Group, seeking to ease a debt burden, has agreed to sell its 101 Black Angus steakhouses to Florida-based investors. Trivest Inc. of Miami and Miller Capital Management Inc. of Coconut Grove will buy the restaurants for an undisclosed amount, pending government approval. The transaction is expected to close by the end of this year. Officials with American Restaurant Group, Trivest and Miller Capital Management declined to comment.
BUSINESS
March 5, 1999 | Leslie Earnest
American Restaurant Group Inc. said Thursday that its fourth quarter revenue was lower than the year before due to the closure of poorly performing restaurants and sales declines at its Grandy's restaurant chain. The Newport Beach owner of restaurant chains reported revenue of $102.1 million in the period ended Dec. 28, a 4% drop from to $106.8 million in the fourth quarter of 1997.
BUSINESS
February 5, 1998 | Russ Stanton
Two executives at American Restaurant Group Inc. who won a $14.4-million court award against American Airlines agreed to settle the 4-year-old case, which was on appeal. As part of the settlement, both parties agreed to keep terms confidential, an American Airlines spokesman said. American Restaurant Chairman Anwar Soliman and President Ralph Roberts were awarded $19.
BUSINESS
September 16, 1997 | P.J. HUFFSTUTTER, TIMES STAFF WRITER
Financially troubled American Restaurant Group, seeking to ease a debt burden, has agreed to sell its 101 Black Angus steakhouses to Florida-based investors. Trivest Inc. of Miami and Miller Capital Management Inc. of Coconut Grove will buy the restaurants for an undisclosed amount, pending government approval. The transaction is expected to close by the end of this year. Officials with American Restaurant Group, Trivest and Miller Capital Management declined to comment.
BUSINESS
April 15, 1997 | Greg Johnson
American Restaurant Group's recurring losses from operations "raise substantial doubt about its ability to continue as a going concern," the firm's accountants warned in a report filed Monday with the Securities and Exchange Commission. The cautionary notice, reported in a regular SEC filing, said that the company suffers from a "net capital deficit, has a sinking fund payment of $41.5 million due Sept. 15, and may be required to renegotiate its senior debt if it cannot meet amended covenants."
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