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Restaurant Industry News |
Monday December 1st, 2008 |
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El Pollo Loco, Inc. to Post Bond to Support Appeal Process in Trademark Dispute |
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El Pollo Loco, Inc., a quick-service restaurant chain specializing in flame-grilled chicken, announced today that its principal indirect shareholder, Trimaran Fund II, LLC, has entered into agreements that will facilitate its issuing of a letter of credit on behalf of El Pollo Loco, Inc. |
The letter of credit will be used to collateralize a portion of the bond required by El Pollo Loco, Inc. to stay the final judgment by a U.S. District Court in Texas in the trademark dispute filed by El Pollo Loco S.A. de C.V. (El Pollo Loco- Mexico) while El Pollo Loco prosecutes its appeal of the judgment. This letter of credit is one of two letters of credit that will be used to fully collateralize the bond required to stay the judgment while El Pollo Loco prosecutes its appeal. The second letter of credit, which collateralizes the remainder of the bond, was issued based solely upon El Pollo Loco's credit resources. The bond for $24,301,450 is equal to the amount of the judgment and estimated post judgment interest that will accrue during the appeals process, plus attorneys' fees. Plaintiff's counsel has agreed to the form of the bond, and it is anticipated that the necessary agreed motion to obtain court approval of the bond will be filed on or before December 21, 2007, a date also agreed to by the plaintiff's attorneys.
About the Company
El Pollo Loco is the nation's leading restaurant concept specializing in flame-grilled chicken. Headquartered in Costa Mesa, California, El Pollo Loco operates a restaurant system currently consisting of 159 company-operated and 230 franchised restaurants located primarily in California, with additional restaurants in Arizona, Nevada, Texas, Colorado, Illinois, Georgia, Connecticut and Massachusetts.
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