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After bankruptcy auction, Friendly’s parent could go back to old ownerAfter bankruptcy auction, Friendly’s parent could go back to old owner

Alan Liddle, Senior Data & Events Editor

November 21, 2011

4 Min Read
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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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About the Author

Alan Liddle

Senior Data & Events Editor

Alan is Senior Data & Events Editor for The Restaurant & Food Group within Informa Connect, including Nation’s Restaurant News, Restaurant Hospitality, Food Management and Supermarket News. He joined NRN in 1984, covering the Pacific Northwest, and later added chief photographer duties, initiated NRN’s regular technology coverage, was on the development team for NRN.com and generated content for NRN’s early podcasting initiative, Podcast Central, beginning in 2006. Alan is senior researcher and data analyst for NRN and Supermarket News market data products, including Top 200 and SN75, and helps develop and present educational programs for conferences and webinars. A graduate of California State University at Fullerton and a former daily and weekly newspaper reporter, he resides in Salinas, Calif.

 

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