The previously announced $25.6-million acquisition of Irvine-based...

The previously announced $25.6-million acquisition of Irvine-based Rusty Pelican Restaurants was completed by San Diego-based Paragon Restaurant Group. The deal was placed on hold last month after Paragon’s financing package fell apart in reaction to the Oct. 19 market crash. Paragon, a former subsidiary of Denver-based Vicorp Restaurants, operates specialty restaurants in 11 states. The privately held company reported $161.7 million in 1987 revenue. Rusty Pelican, which operates seafood restaurants in seven states, reported $60.3 million in revenue for fiscal 1987. Paragon agreed to pay $9 per share, or $25.6 million, for Rusty Pelican’s outstanding shares. Paragon agreed to assume $20.5 million in long-term debt and lease obligations held by Rusty Pelican.