Carrols gets loan waiver, extending financials delivery deadline

By Sara Rosenberg

New York, Feb. 17 - Carrols Corp. received a waiver from its loan lenders, extending the deadline to June 30 for the delivery of consolidated financial statements for the third fiscal quarter of 2005, and if necessary, for the delivery of annual audited consolidated financial statements for 2005 and consolidated financial statements for the first fiscal quarter of 2006, according to an 8-K filed with the Securities and Exchange Commission Friday.

The waiver was completed on Feb. 15.

As was previously announced, the company is in the process of restating its consolidated financial statements for periods ended prior to and including July 3, 2005 due to problems with the classification and presentation of proceeds from qualifying sale/leaseback transactions in its statement of cash flows and accounting with respect to the depreciation of assets and recording of interest expense.

Carrols is a Syracuse, N.Y.-based restaurant company that operates Burger Kings, Taco Cabana restaurants and Pollo Tropical restaurants.

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