Metromedia Steakhouses requests two-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., July 21 - Metromedia Steakhouses Co. requested a third extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend the exclusive plan-filing period to Sept. 18 from July 20 and the solicitation period to Nov. 17 from Sept. 18.

Metromedia said it is currently in the process of analyzing claims filed against the estate to determine which are disputed and how those claims may impact its plan of reorganization.

Additionally, the company said the current exclusive solicitation period may not provide enough time for the company to solicit votes on the plan after the disclosure statement hearing.

A hearing is scheduled for Aug. 31.

Metromedia is a steakhouse company based in Plano, Texas, that operates restaurants under the names Ponderosa Steakhouse and Bonanza Steakhouse. The company filed for bankruptcy on Oct. 22, 2008. Its Chapter 11 case number is 08-12490.

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