Food Industry
Industry: Email Alert RSS FeedRax receives extension on reorganization
Nation's Restaurant News, Nov 18, 1996
DUBLIN, Ohio - Heartland Food Systems Inc., parent of the 104-unit Rax Roast Beef quick-service chain, was granted a postponement to submit a Chapter 11 reorganization plan pending the consummation of the sale of 37 of its company-owned restaurants to Wendy's International.
Rax president Roger Kisiel said the sale, expected to be completed by the end of January 1997, "would go a long way" toward resolving creditors' claims.
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Franchisees operate 45 of the 67 restaurants that would remain after the sale.
COPYRIGHT 1996 Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.
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