TCR_Public/960709.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For:  July 9, 1996



  1. BANKS AGREE TO INCREASE COMMITMENT TO CALDOR
  2. GRILL CONCEPTS TO ACQUIRE UP TO 19 HAMBURGER HAMLET RESTAURANTS





Return To The InterNet Bankruptcy Library Homepage


BANKS AGREE TO INCREASE COMMITMENT TO CALDOR


        


            NORWALK, CT -- July 9, 1996 -- The Caldor
        Corporation
(NYSE: CLD) today announced that it has agreed with its
        banks to an amendment to its Debtor-in-Possession credit facility
        which will increase the banks' total commitment by $50 million to a
        total of $492 million.  
        


            Under the amended agreement, the $50 million commitment increase
        will occur upon appropriate Bankruptcy Court approval and following
        a payment against the Company's term loan from the net proceeds of
        the sales from the 12 recently closed stores of approximately $25
        million.  Among other things, the amendment eliminates the potential
        $50 million commitment reduction sch eduled for October 1996.
        Instead, there will be an automatic reduction of $50 million on May
        3, 1997.  
        


            Jack Reen, Executive Vice President and Chief Financial Officer
        of Caldor, commented, "We are pleased with the support we received
        from our bank group in completing this amendment.  Caldor currently
        has significant credit availability of approximately $245 million
        even without the benefit of the amendment.  The commitment increase
        is planned to enable us to continue to maintain significant excess
        availability throughout peak borrowing periods."  
        


            The Caldor Corporation is the fourth largest discount department
        store chain in the U.S., with annual sales of approximately $2.8
        billion and approximately 23,000 Associates.  It currently operates
        159 stores in ten East Coast states and has plans to open two
        additional stores later this year.  With a strong consumer franchise
        in high density urban/suburban markets, Caldor offers a diverse
        merchandise selection, including both softline and hardline
        merchandise.  
        


CONTACT:  Kekst and Company
                  Wendi Kopsick/Jim Fingeroth: 212/593-2655



GRILL CONCEPTS TO ACQUIRE UP TO 19 HAMBURGER HAMLET RESTAURANTS IN TRANSACTION VALUED AT MORE THAN $10 MILLION


        


            LOS ANGELES, July 9, 1996  --  Grill Concepts, Inc. (Nasdaq:
        GRIL) announced today that the management of Hamburger Hamlet, Inc.
        has filed its plan in Bankruptcy Court, Central District, providing
        for the sale to Grill Concepts of certain assets, including up to 19
        Hamburger Hamlet restaurants in certain key U.S. locations.
        


            Hamburger Hamlet, which presently is operating under Chapter 11
        bankruptcy protection, said the selection of Grill Concepts was
        based on an evaluative process that involved several companies.  The
        proposed asset purchase involves a combination of cash, performance
        notes and warrants valued in excess of $10 million.  The
        consummation of the transaction is subject to completion of a
        definitive agreement and a number of contingencies, including
        further due diligence, the arrangement of satisfactory financing,
        approval by the board of directors of both companies, Bankruptcy
        Court and other customary approvals.
        


            Robert Spivak, president and chief executive officer of Grill
        Concepts, said, "Adding Hamburger Hamlet restaurants to our
        organization will provide many synergistic benefits, as both
        organizations serve the high end of the casual dining market."
        


            Spivak added, "The transaction would accelerate our strategic
        growth and provide new opportunities for expansion, both within our
        existing operating regions, as well as in new locations.  Moreover,
        the acquisition would give us greater critical mass on which to
        build shareholder value over the long term."
        


            As part of its reorganization plan, Hamburger Hamlet has closed
        12 units which were deemed unprofitable.  The 19 restaurants which
        remain open had annualized revenues in excess of $30 million.  Grill
        Concepts had revenues of $20.3 million in 1995.
        


            Grill Concepts currently operates six Daily Grill restaurants in
        Southern California, The Grill restaurant in Beverly Hills, and has
        begun construction of two additional Daily Grills, one in the Tom
        Bradley International terminal at LAX, and the other on Jamboree
        Blvd. in Irvine, California.  In addition, the company expects to
        commence construction shortly of a Daily Grill in Washington, D.C.,
        which is slated to open in the fourth quarter of 1996.  The company
        also operates other restaurant properties in New Jersey and
        Pennsylvania.
        


CONTACT:  Robert Spivak or Michael Weinstock of Grill Concepts,
        310-820-5559; or Roger S. Pondel or Michele Feller of Pondel Parsons
        & Wilkinson, 310-207-9300