This is a public record generated listing.
Assets of Fast Food Restaurants Business
Listing Information
Attachments
Assets of Fast Food Restaurants Business
Price: Not Specified
Other Item Info
Item #: txsbke_443436
Created: 08/27/2020
Category: Business Property > All Assets or Going Concerns > Restaurants
Sale Date: Wed. Nov 11, 2020
Created: 08/27/2020
Category: Business Property > All Assets or Going Concerns > Restaurants
Sale Date: Wed. Nov 11, 2020
Seller Info
Alfredo R. Perez
Debtor's Attorney
700 Louisiana Suite 1600
Houston, TX 77002
(713) 546-5040
Debtor's Attorney
700 Louisiana Suite 1600
Houston, TX 77002
(713) 546-5040
Bankruptcy Info
Case #: 4:20-bk-33353
Case Title: NPC International, Inc.
Court: Texas Southern Bankruptcy Court
Chapter: 11
View Case Docket
Case Title: NPC International, Inc.
Court: Texas Southern Bankruptcy Court
Chapter: 11
View Case Docket
Description
Auction Sale of substantially all of assets of NPC International, Inc. and its affiliates (collectively, the “Sellers”). The assets to be sold at the Auction consist of Three (3) different types of sales:
- The Seller's Pizza Hut restaurants and related assets (collectively, the “Pizza Hut Assets”). As the largest franchisee in the Pizza Hut system, the sellers operate over 1,200 Pizza Hut restaurants in 27 states;
- The Seller's Wendy’s restaurants and related assets (collectively, the “Wendy’s Assets). As the largest franchisee in the Wendy’s system, the sellers operate over 390 Wendy’s restaurants in eight states and the District of Columbia; and
- The Seller's Pizza Hut Assets and Wendy’s Assets on a combined basis (the “WholeCo Assets”).
Financial Overview
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Additional Details
- Auction Details: Scheduling auctions of the Assets (the “Auctions”), if applicable, to be held on November 11, 2020 at 9:00 a.m. (the “Wendy’s Auction”), November 12, 2020 at 9:00 a.m. (the “Pizza Hut Auction”), and November 13, 2020 at 9:00 a.m. (the “WholeCo Auction”).
- Sale Hearing Held on November 18, 2020.
- Minimum Reserve Price: (a) All of the seller's Pizza Hut Assets subject to a $325 million minimum reserve price (the “Pizza Hut Minimum Reserve Price”); (b) All of the seller's Wendy’s Assets subject to a $400 million minimum purchase price (the “Wendy’s Minimum Reserve Price”); (c) the Pizza Hut Assets and Wendy’s Assets on a combined basis
- (the “WholeCo Assets”).
- Bid Increment: For each round, all Qualified Bids at the Auction or Sub-Auction will be based on the Initial Highest Bid and increased therefrom, and thereafter made in minimum increments of at least (x) $1,000,000 with respect to any bid for all of the Debtors’ Restaurants, and, if applicable, (y) $500,000 with respect for any bid for an entire division, region, or market than the previous Qualified Bid
- Bid Deposit: Is accompanied by a cash deposit by wire transfer to an escrow agent selected by the seller (the “Deposit Agent”) in an amount equal to: (1) with respect to a Pizza Hut Division Bid, Pizza Hut Region Bid or a Wendy’s Market Bid, the greater of (a) $1 million and (b) 10% of the cash purchase price of the bid, and (2) with respect to all other bids, 10% of the cash purchase price of the bid.
- Bid Deadline: (i) October 20, 2020 at 5:00 p.m. (prevailing Central Time) for bids on the Wendy’s Assets (the “Wendy’s Bid Deadline”) (ii) November 5, 2020 at 5:00 p.m. (prevailing Central Time) for bids on the Pizza Hut Assets (the “Pizza Hut Bid Deadline”), and (iii) November 5, 2020 at 5:00 p.m. (prevailing Central Time) for bids on the WholeCo Assets (the “WholeCo Bid Deadline”).
- Last date to respond: November 17, 2020