In 1992, private equity firm, Kohlberg Kravis Roberts acquired a 47% interest in TW Corporation, later known as The Flagstar Companies, and encouraged the company to sell non-core businesses. The following year, TW Services changed its name to The Flagstar Companies in its bid to focus on the food service industry with a portfolio of businesses including Volume Services America, Hardee's, Quincy's Family Steakhouse, El Pollo Loco, Canteen Corporation and Denny's. After accumulating $2.2 billion in debt, Flagstar filed for Chapter 11 bankruptcy protection from its creditors in a Federal bankruptcy court in South Carolina in July 1997. Six months later, Flagstar emerged from bankruptcy as Advantica Restaurant Group Inc. and with three-fourths of its stock controlled by four of the former Flagstar's senior creditors. At the time of emergence, Advantica owned Denny's, Carrows, Coco's, El Pollo Loco and Quincy's Family Steakhouse and was the largest franchisee of Hardee's restaurants. Advantica paid off its inherited debt by selling off most of its holdings. In November 1999, Advantica sold El Pollo Loco to an investment firm for $114 Million plus the assumption of $14 million in debt. Today the remnants of the corporation are Denny's. Trans World Corporation was the predecessor of the way and manner in which many of the airlines with holdings and holding parent companies conduct and create their business structural organization. See also Transamerica Corporation, one of the first conglomerates, created as the parent of Bank of America and other financial interests, was perceived as an airline company before it bought and sold one. References External links Hospitality companies of the United States Airline holding companies of the United States Trans World Airlines Defunct companies of the United States Companies that filed for Chapter 11 bankruptcy in 1997 Companies of Palau