Grace OKs Sale of Restaurant Enterprises Group: W.R. Grace & Co. has agreed to sell its majority stake in the financially troubled firm to an operating company owned partly by Foodmaker Inc., the San Diego-based parent of Jack in the Box, the companies said. Foodmaker and two investment groups earlier had reached an agreement with Irvine-based REG's bondholders. Foodmaker plans to merge REG's restaurant chains--including Carrows, Coco's and El Torito--with its Chi-Chi's Mexican-style restaurant operation. Foodmaker would own one-third of a newly created joint venture. Its partners, Los Angeles-based Leonard Green & Partners and New York-based Apollo Advisors, would own a 67% interest. The deal is contingent on Bankruptcy Court approval.
From Times Staff and Wire Reports
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