Premier Kings receives court approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., Nov. 20 – Premier Kings, Inc. received approval of bid procedures for its assets, according to an order filed Monday with the U.S. Bankruptcy Court for the Northern District of Alabama.

As background, the debtors have a number of affiliates that own real estate leased to Burger King or Popeyes restaurants or operate other restaurant brands.

The company said it has lined up a stalking horse agreement with RRG of Jacksonville, LLC for 44 of its stores in the Savannah and Jacksonville regions for an initial purchase price of $15.53 million plus the inventory value at closing.

It has also lined up a stalking horse agreement with Newell-Berg Alliance AL, LLC for 31 of its stores in the North Alabama region for an initial purchase price of $18.5 million plus the value of inventory at closing.

Each stalking horse bidder has been offered a breakup fee of 2.5% and an expense reimbursement of $150,000.

Under the bid procedures, bids are due by Nov. 30, an auction is scheduled for Dec. 4, a sale hearing will take place on Dec. 11 and the sale will close by Jan. 8.

Peachtree Corners, Ga.-based Premier Kings filed bankruptcy on Oct. 25 under Chapter 11 case number 23-02871.

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