No free rides

When Granite City Food & Brewery last month unveiled its restructured balance sheet, it was far from traditional.

The final deal for a $15 million debt-to-equity swap was inked with the 26-unit casual-dining chain’s landlords, developers and main creditor, DHW Leasing LLC, which had lent Granite City money for furniture, fixtures and equipment. The parties’ agreement will eliminate $15 million in debt, save about $19 million in principal and interest payments over five years, and