Kelly-Johnston Reaches Agreement with 40 Landlords

By Driskill, Matt | THE JOURNAL RECORD, June 8, 1985 | Go to article overview

Kelly-Johnston Reaches Agreement with 40 Landlords


Driskill, Matt, THE JOURNAL RECORD


Agreements were reached Friday with approximately 40 landlords to defer almost $500,000 in lease payments for the month of May in negotiati ons between attorneys representing Kelly-Johnston Enterprises Inc. of Oklahoma City and attorneys representing landlords of several of the firm's restaurants.

The agreements were reached during a morning conference that was to have taken place during a hearing before U.S. Bankruptcy Judge Robert L. Berry.

Kelly-Johnston and the firm's subsidiaries, Chi-Chi's Food Service, Joe Kelly's Restaurants, Duff's Enterprises, and B & W Metals all entered Chapter 11 bankruptcy proceedings April 26 in U.S. Bankruptcy Court in Oklahoma City.

According to attorney Kent Meyers, the agreements will allow the firm to defer approximately $500,000 in lease payments for several of its Chi-Chi's restaurants, Kelly-Johnston leases, Joe Kelly's leases and B & W Metals.

"We're really looking for an extension to even out the cash flow," said Ray Koss, executive vice president of Kelly-Johnston.

"We expect to file for an extension on some June leases, because if we didn't, it might spread us out too thin."

Koss said Kelly-Johnston was negotiating with several landlords to reduce rent payable in the future.

Meyers said eight landlords had filed objections to the extension of time in which Kelly-Johnston could pay rent, but all eight came to an agreement with the firm to delay payment.

Another development in the firm's bankruptcy case came to light Thursday when Joe Johnston, chairman and president of Kelly-Johnston, announced an agreement had been reached with the former owners of Duff's Enterprises which would eliminate approximately one-fourth of Kelly-Johnston's debt.

The agreement, if approved by an Ohio bankruptcy judge, could erase almost $10 million to $12 million in debt for Duff's Enterprises Inc. of Oklahoma City.

The agreement involves the 26 company-owned Duff's restaurants, located throughout the United States.

Pending a ruling June 18 by Cinncinatti Bankruptcy Judge Randall J. Newsome, the settlement between Homer and Wilma Duff, the previous owners of Duff's Enterprises, will be executed, with the Duffsacquiring 11 of Kelly-Johnston's 26 restaurants.

The agreement must be approved in Ohio because of an involuntary bankruptcy petition filed there April 11 by several bank creditors of Duff's Enterprises.

Most of the restaurants the Duff family will be acquiring are located in Florida, with others located in Ohio, North Carolina and South Carolina.

The Duffs will receive the real estate leases and equipment financing that go with the facilties, Johnston said, and will also assume the guaranteed debt that is part of the Kelly-Johnston indemnification. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Kelly-Johnston Reaches Agreement with 40 Landlords
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.