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NPC gets court approval of stalking horse agreement with Flynn
By Sarah Lizee
Olympia, Wash., Nov. 16 – NPC International, Inc. received approval of its stalking horse asset purchase agreement with Flynn Restaurant Group LP from the U.S. Bankruptcy Court for the Southern District of Texas, according to an order filed Saturday.
As previously reported, Flynn has agreed to acquire substantially all of the debtors’ assets, including more than 1,300 Pizza Hut and Wendy’s restaurants across the country as well as NPC’s shared services assets, for $816 million.
Flynn has also committed to offer employment to substantially all of NPC’s more than 30,000 full- and part-time employees.
Flynn is the largest restaurant franchisee in the United States, operating over 1,200 Applebee’s, Taco Bell, Panera and Arby’s restaurants across the country.
The deal is subject to NPC receiving higher or better offers from competing bidders. NPC said it intends to continue to solicit bids from other interested parties for some or all of the assets as outlined in the court-approved bidding procedures.
Bid procedures
As previously reported, NPC is offering to sell the assets separately or in combination. Any bidder can, but is not required to, separately bid for the Pizza Hut and Wendy’s assets in addition to bidding on the combined assets.
The debtor may enter into one or more asset purchase agreements with one or more stalking horse bidders to establish a minimum bid at the auctions.
The debtors will announce the initial highest bid at each auction. For each round, all qualified bids will be based on the initial highest bid and increased in minimum increments of $1 million with respect to any bid for all of the debtors’ restaurants and, if applicable, $500,000 with respect to any bid for an entire division, region or market.
Qualifying bids were due by 6 p.m. ET on Nov. 10 for the Wendy’s assets and are due at 6 p.m. ET on Nov. 20 for the Pizza Hut assets and combined assets.
Auctions, if necessary, will be held on Nov. 18 for the Wendy’s assets, Nov. 30 for the Pizza Hut assets and Dec. 1 for the combined assets.
A sale hearing is set for Dec. 4.
Leawood, Kan.-based NPC is a restaurant franchisee. The company filed bankruptcy on July 1 under Chapter 11 case number 20-33353.
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