Advantica Announces Extension of Senior Notes Exchange Offer to March 6, 2002.

Business Editors

SPARTANBURG, S.C.--(BUSINESS WIRE)--March 4, 2002

Advantica Restaurant Group, Inc. (OTCBB: DINE) today announced that it has extended to 5:00 p.m., New York City time, on March 6, 2002, its offer to exchange up to $204.1 million of registered 12.75% senior notes due 2007 to be jointly issued by Denny's Holdings, Inc. and Advantica (the "New Notes") for up to $265.0 million of Advantica's 11.25% senior notes due 2008 (the "Old Notes"), of which $529.6 million aggregate principal amount is currently outstanding. The exchange offer was scheduled to expire at 5:00 p.m., New York City time, on March 1, 2002. Except for the extension of the expiration date, all other terms and provisions of the exchange offer remain as set forth in the exchange offer prospectus previously furnished to the holders of the Old Notes.

To date, an aggregate of approximately $63.9 million Old Notes have been tendered for exchange.

Advantica Restaurant Group, Inc. is one of the largest restaurant companies in the United States, operating over 2,300 moderately priced restaurants in the mid-scale dining segment. Advantica owns and operates the Denny's, Coco's and Carrows restaurant brands. FRD Acquisition Co., the parent company of Coco's and Carrows and a wholly owned subsidiary of Advantica, is classified as a discontinued operation for financial reporting purposes and is currently under the protection of Chapter 11 of the United States Bankruptcy Code effective as of February 14, 2001. For further information on the Company, including news releases, links to SEC filings and other financial information, please visit Advantica's website at www.advantica-dine.com.

Certain matters discussed in this release may constitute forward looking statements involving risks, uncertainties, and other factors that may cause the actual performance of Advantica Restaurant Group, Inc., its subsidiaries and underlying concepts to be materially different from the performance indicated or implied by such statements. Factors that could cause actual performance to differ materially from the performance indicated by such statements include, among others: the outcome of FRD's pending Chapter 11 proceedings, divestiture efforts and related matters; the competitive pressures from within the restaurant industry; the level of success of the Company's operating initiatives and advertising and promotional efforts; changes in business strategy or development plans; terms and availability of capital; regional weather conditions; overall changes in the general economy, particularly at the retail level; and other factors from time to time set forth in the Company's SEC reports, including but not limited to the discussion in Management's Discussion and Analysis in the Company's Annual Report on Form 10-K for the year ended December 27, 2000 (and in the Company's subsequent quarterly reports on Form 10-Q).