LOS ANGELES -- California Beach Restaurants Inc. said its subsidiary, Sea View Restaurants Inc., has reached a forbearance and preliminary restructuring agreement with its lender, Bank of America.
The forbearance agreement was effective immediately. The restructuring agreement, which requires the company to meet certain conditions and which is subject to final documentation, was expected to take effect by Oct. 1.
The restructuring agreement requires the company to raise at least $1 million of equity capital and to restructure a $5 million subordinated contingent promissory note.
