The Wall Street Journal: Logan’s Roadhouse steakhouse chain files for bankruptcy

Steakhouse Logan’s Roadhouse Inc. filed for bankruptcy protection Monday after striking a deal with it bondholders to swap more than $300 million in debt for control of the restaurant chain.

In a court filing, Keith Maib, chief restructuring officer of Logan’s parent LRI Holdings Inc., said Logan’s has reached a deal on the terms of a debt-for-equity swap with private-equity firm Kelso & Co. and one of its bondholders, Blackstone Group’s BX, +1.62% GSO Capital Partners LP.

New York-based Kelso acquired Logan’s parent company in a leveraged buyout valued at roughly $620 million, including debt, in 2010. Last year, Logan’s tried to alleviate some of the pressure of its debt load when it completed two exchanges of bonds for paid-in-kind notes with Kelso, as well as affiliates of Blackstone’s GSO unit.

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