Nation’s Restaurant News:

OSI Restaurant Partners LLC, operator of the Outback Steakhouse chain, has reached a settlement with T-Bird Nevada LLC, one of its largest franchisees, over a loan that was the subject of an Outback lawsuit against T-Bird two years ago.

T-Bird, which operates 56 Outback Steakhouse restaurants in California, has agreed to pay $33.3 million to OSI under the settlement, according to an OSI document filed with the U.S. Securities and Exchange Commission two days ago.

T-Bird has 60 days from Monday, when the deal was reached, to pay Outback, according to the SEC filing.

“We are pleased the matter has been resolved,” OSI chief legal officer Joe Kadow told Nation’s Restaurant News Friday.

Originally posted by Cris Zimermann on October 7, 2011 in Franchise Site.

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