Bankrupt Applebee’s Franchisee Gets Lender Settlement Approved

A bankrupt Atlanta-based operator of about 50 Applebee’s locations received court approval to settle a lingering dispute with lender Equity Bank as the company seeks to finalize a sale of its assets to the casual dining brand owner.

Neighborhood Restaurant Partners Florida LLC, owned by Atlanta-based private equity firm Argonne Capital Group, will grant Equity Bank $1.05 million in allowed secured claims and $12.57 million in unsecured claims under a settlement. The deal was approved Tuesday by Judge Sage M. Sigler of the US Bankruptcy Court for the Northern District of Georgia.

The agreement resolves disputes over payments owed to ...