Advantica Completes Sale of El Pollo Loco.Business Editors/Restaurant Writers SPARTANBURG Spartanburg, city (1990 pop. 43,467), seat of Spartanburg co., NW S.C., in the Piedmont (see under piedmont) near the N.C. line; inc. 1831. The city is noted for its textile production. , S.C.--(BUSINESS WIRE)--Dec. 29, 1999 Advantica Restaurant Group, Inc. (Nasdaq: DINE) announced today it has successfully completed the sale of its El Pollo Loco El Pollo Loco is a fast-food restaurant chain and Mexican grilled chicken franchise. "El Pollo Loco" is Spanish for "The Crazy Chicken". Juan Francisco Ochoa started the restaurant in Guasave, Mexico, in 1975. subsidiary to an affiliate of American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Securities Capital Partners, L.P., a New York-based private investment firm, for $128 million, which includes the assumption of $15 million of debt. The divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of El Pollo Loco, Advantica's only quick-service restaurant brand, will enable the company to focus its resources on its family dining portfolio. Advantica plans to use the net cash proceeds from the sale, which will exceed $100 million, to further reduce debt and reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. in its family dining brands. Advantica is one of the nation's largest restaurant companies, operating over 2,400 restaurants in the family dining segment under its Denny's, Coco's and Carrows restaurant brands. Additional information on Advantica is available through its corporate web site at http://www.advantica-dine.com . |
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