February 5, 1987 |
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.
April 15, 1997 |
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."
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.
September 16, 1997 |
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.