Bankruptcy Law News

Pizza Hut Operator Cancels Bankruptcy Auctions for Franchises

Nov. 30, 2020, 8:34 PM

Fast-food franchisee NPC International Inc. canceled an auction for its Wendy’s Co. and Pizza Hut restaurants, a move that may make it easier for Flynn Restaurant Group to buy the company out of bankruptcy.

  • In a court filing in Houston on Sunday, NPC called off auctions designed to split the company’s burger and pizza operations and sell them off separately to raise money to pay creditors
  • Ending the auctions means Flynn may be the only offer NPC is still considering; had the company proceeded, Flynn would have faced competition
  • Flynn has offered to buy the entire company in a deal...

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