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Investor Contact: Ken Jones
                           864-597-8658

Media Contact:    Debbie Atkins
                           864-597-8361



                   DENNY'S ANNOUNCES REFINANCING OF CREDIT FACILITY

         SPARTANBURG, S.C., December 16, 2002 --  Denny's Corporation
(OTCBB: DNYY) today announced that its operating subsidiaries, Denny's Inc. and
Denny's Realty, Inc., have entered into a new $125.0 million credit agreement
to refinance the previous agreement which was scheduled to expire in January
2003.

         The new facility will mature on December 20, 2004 and is structured as
a senior secured revolving credit facility of which up to $60.0 million is
available for the issuance of letters of credit.  The new facility will be used
for working capital needs, capital expenditures and other general corporate
purposes.  The new facility is guaranteed by Denny's Corporation and its
subsidiaries and is generally secured by liens on the same collateral that
secured the previous facility.  In addition, the new facility is secured by
first-priority mortgages on 246 owned restaurant properties.

         J.P. Morgan Securities Inc. acted as lead arranger and Foothill
Capital Corporation acted as syndication agent for the new facility.  JPMorgan
Chase Bank will serve as administrative agent and collateral agent.

         Denny's is America's largest full-service family restaurant chain,
operating directly and through franchisees approximately 1,700 Denny's
restaurants in the United States, Canada, Costa Rica, Guam, Mexico, New Zealand
and Puerto Rico.  For further information on the Company, including news
releases, links to SEC filings and other financial information, please visit
the Denny's website at www.dennys.com.


         Certain matters discussed in this release may constitute forward
looking statements involving risks, uncertainties, and other factors that may
cause the actual performance of Denny's Corporation, its subsidiaries and
underlying restaurants to be materially different from the performance
indicated or implied by such statements.  Factors that could cause actual
performance to differ materially from the performance indicated by such
statements include, among others:  the Company's ability to maintain continuity
of operations; thecompetitive pressures from within the restaurant industry;
the level of success of the Company's operating initiatives and advertising and
promotional efforts; adverse publicity; changes in business strategy or
development plans; terms and availability of capital; regional weather
conditions; overall changes in the general economy, particularly at the retail
level; and other factors from time to time set forth in the Company's SEC
reports, including but not limited to the discussion in Management's Discussion
and Analysis and the risks identified in Exhibit 99 contained in the Company's
Annual Report on Form 10-K for the year ended December 26, 2001 (and in the
Company's subsequent quarterly reports on Form 10-Q).

