Claim Jumper Restaurants LLC has filed for Chapter 11 bankruptcy protection and estimates it will emerge from bankruptcy in about 90 days.

Claim Jumper agreed to sell all of its assets as well as its operations to an affiliate of Canyon Capital Advisors LLC, Private Capital Partners.

The Irvine, Calif. based restaurant company has 45 units in eight states and is known for its large portions, California Gold Rush theme and diverse menu offerings.

In the bankruptcy petition, which was filed in a Delaware court, the company lists its assets in the $50-$100 million range and its liabilities in the $100-$500 million range.

‘This transaction represents a great outcome for our company, our loyal guests, our employees and our valued business partners,’ says Claim Jumper’s chief executive Mark Augarten. ‘We are excited about the prospect of quickly implementing the sale through the Chapter 11 process which will allow us to emerge within two months as a company with zero debt, thereby providing the recapitalized business with stability and greater financial flexibility to promote future growth and success.’

‘Claim Jumper is one of America’s great restaurant chains with a long heritage in its communities, extremely loyal guests, and an exceptional employee base that is committed to providing service that is second to none,’ says Private Capital Partners Principal Tom Barber. ‘We are excited about partnering with Claim Jumper management to build upon the success that the Company has enjoyed for more than 30 years.’

Craig Nickoloff founded Claim Jumper in 1977 and until 2005 the company was a family run operation.