SUN CAPITAL RETAINS OWNERSHIP OF FRIENDLY’S
U.S. BANKRUPTCY JUDGE KEVIN GROSS of the U.S. Bankruptcy Court in the District of Delaware granted approval
for Sun Capital Partners to retain ownership of Friendly Ice Cream Corp., paving the way for the company to
eventually emerge from bankruptcy protection, a Wall ;Street ;Journal article reported.
Sun Capital Partners first invested in Friendly’s in 2007, according to information on Sun’s website. It is
also a lender to the company. The WSJ article said that Judge Gross will approve the “credit bid” sale of the
restaurant operator to Sun Capital in exchange of the $75 million Friendly’s owes the company. The company
has debts of about $297 million. The sale was completed in January. Friendly’s had scheduled an auction to
sell the company. However, no other bidder stepped up to compete against Sun Capital. n
sold substantially all of its
Devens Tangible Assets
for $9 million in cash
to various purchasers,
including Max Era
Properties and Sovello AG.
Hilco Real Estate,
William Blair Complete
Giordano’s Sale
Attorney Philip Martino of
Quarles & Brady, William
Blair & Company and Hilco
Real Estate were engaged
by Giordano’s pizza chain
as investment banker
and real estate advisor,
respectively, to conduct
a comprehensive sale of
the company’s assets.
The auction began on
Wednesday, November
16. Thirteen hours after
the auction began, an
11 with significantly
reduced debt and a
new $35 million capital
infusion. The company’s
plan was approved by
the U.S. Bankruptcy
Court for the Southern
District of New York in
mid-November. According
to a related Bloomberg
article, the company will
hand over its ownership
to senior lenders that are
owned approximately
$176 million. The plan
will give a recovery of
about 69% to 95% to
first lien lenders. The
plan gives no recovery to
second lien claims, owed
about $34 million or
unsecured creditors, owed
about $173 million.
Gordon and Oaktree
Capital Management
against Aurelius Capital
Management-led
noteholders. Both sides
submitted plans to
reorganize the company.
Tribune Bankruptcy
on Hold
U.S. Bankruptcy Judge
Kevin Carey in the U.S.
Bankruptcy Court in
the District of Delaware
announced in court
that he wouldn’t slate
a confirmation hearing
for Tribune Co.’s
reorganization plan until
May 2012 at the earliest,
a Chicago ; Tribune article
said. The article noted
that even if the deadline
of May is met, it would
take many months after
that for the company to
emerge from bankruptcy
and receive all the federal
regulatory approvals it
would need to transfer
licenses to new owners.
As previously announced,
Tribune’s bankruptcy case
has put the company and
its senior creditors, which
encompass JPMorgan
Chase as well as Angelo
Court Grants Approval for
Trailer Bridge DIP Loan
Integrated trucking and
marine freight carrier
Trailer Bridge, a provider
of integrated trucking and
marine freight services,
received approval from
the U.S. Bankruptcy Court
for the Middle District of
Florida to receive $15
million in DIP financing
from Whippoorwill
Associates. Whippoorwill
previously agreed to
provide $5 million on an
interim basis, with the
remaining $10 million to
be funded upon entry of a
final order approving the
DIP loan. In its Chapter 11
filing, documents showed
Wells Fargo, as agent
and lender, is owed $4.4
million under an equipment
term loan and $5.9 million
under a revolver.
Evergreen Solar Sells
Equipment for $9MM
After receiving approval
from U.S. Bankruptcy
Judge Mary F. Walrath of
the U.S. Bankruptcy Court
in the District of Delaware,
Evergreen Solar held an
auction on December 13,
2011, pursuant to bidding
procedures approved by
the bankruptcy court,
for the sale of all of its
equipment and machinery
located at its Devens,
MA facility. As a result of
the auction, the company
