American Restaurant Group Arranges Debt Refinancing

American Restaurant Group Inc. said Wednesday it sold $190 million of bonds and preferred stock rights to refinance its debt, a move that will given the struggling company more breathing room.

The refinancing comes three months after the sale of ARG’s 101-unit Black Angus steakhouse chain fell through because of a lack of support from creditors. Chairman Anwar Soliman said the refinancing, combined with a new $15-million credit line, will allow the company to resume expanding Black Angus and its sister chains, Spoons, National Sports Grill and Grandy’s.