Metromedia Steakhouses looks to access financing until Aug. 31

By Caroline Salls

Pittsburgh, June 5 - Metromedia Steakhouses Co., LP requested court approval to increase its debtor-in-possession facility by $580,000 to $5.1 million and extend its cash collateral access to Aug. 31, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Metromedia said the increased DIP loan would also mature on Aug. 31. The DIP financing and cash collateral use are scheduled to expire on June 30.

A hearing is scheduled for June 22.

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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