Bankrupt Burger King Franchisee Nabs $31 Million Starting Bid

A bankrupt Burger King franchisee group based in Illinois has landed a $31 million opening bid in its planned auction to sell 79 restaurants.

The debtor group, all subsidiaries of TOMS King Holdings LLC, reached a deal to have 13th Floor Capital serve as a stalking-horse bidder, according to a filing Monday in the US Bankruptcy Court for the Northern District of Ohio.

Subject to court approval, 13th Floor would be entitled to a $775,000 break-up fee and up to $250,000 in expense reimbursements if the investment firm is outbid at an auction scheduled for March 21.

The TOMS King ...