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Tech Tracker: How digital tech is capitalizing on the hot restaurant reservations market
Tock and Google now offer experience reservations; Diibs launches as a platform for bidding on last-minute reservations
Alan J. Liddle
More often than not, a restaurant entity auctioned by the bankruptcy courts ends up changing hands, but that’s not what is expected to happen when the assets of Friendly Ice Cream Corp., parent of 424-unit Friendly’s, hit the block in December.
The 76-year-old family-dining brand, which filed for Chapter 11 bankruptcy protection Oct. 5, is scheduled to be auctioned Dec. 22, and its new owner — in a twist related to bankruptcy code and Friendly’s ownership history — could end up being its old owner: Sun Capital Partners Inc.
For Sun Capital, which is taking advantage of what’s known as a credit bid, the transaction could allow the Boca Raton, Fla.-based private-equity firm to retain control of Friendly, while shedding Frien...
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