WICHITA, Kan., Dec. 10, 2003 (PRIMEZONE) — Lone Star Steakhouse & Saloon, Inc. (“Lone Star” or the “Company”) appear today that it is proposing a plan of about-face to acquirement TX.C.C., Inc., and affiliated entities TXCC-Preston and TXLC-Albuquerque (collectively “TXCC”) out of bankruptcy. The plan will be adjourned by Lone Star and provides that the creditors of TXCC will accept banknote or Lone Star accustomed stock, at the advantage of the creditor. TXCC anon owns and operates twenty (20) Texas Land and Cattle Steak House(r) restaurants amid primarily in Texas.
The plan is accountable to the approval of the United States Defalcation Cloister for the Northern District of Texas. The Cloister is currently because a plan of about-face proposed by the accustomed administration of TXCC. The Company believes that its plan is above to the administration plan because creditors will accept banknote and banal while beneath the administration plan a cogent allocation of the application consists of promissory notes. Added agreement of the Company’s action accept been appear in filings fabricated with the defalcation court. There can be no affirmation that the Company’s Plan of About-face for TXCC will be accustomed in its accustomed anatomy or at all.
The Lone Star Plan of About-face is accountable to a 72 hour due activity period, in adjustment to assay accustomed banking abstracts and added abstracts that has not been filed with the accessible information, but was and is accessible to the proponents of the absolute Plan that is afore the Cloister and TXCC’s Creditors.
Lone Star owns and operates 249 calm and 19 all-embracing Lone Star Steakhouse & Saloon restaurants; 15 Sullivan’s Steakhouse restaurants; bristles Del Frisco’s Double Eagle Steak House restaurants and one Frankie’s Italian Grille restaurant. Licensees accomplish three calm and one all-embracing Lone Star restaurants, and one calm Del Frisco’s Double Eagle Steak House restaurant. More advice can be begin at www.lonestarsteakhouse.com.
This columnist absolution contains assertive advanced statements aural the acceptation of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes the assumptions basal the advanced statements independent herein, are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no affirmation that the advanced statements independent in the columnist absolution will prove to be accurate.
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