Premier Kings’ Chapter 11 plan of liquidation effective as of May 3

By Sarah Lizee

Olympia, Wash., May 3 – Premier Kings, Inc.’s Chapter 11 plan of liquidation went into effect on Friday, according to a notice filed with the U.S. Bankruptcy Court for the Northern District of Alabama.

The plan was confirmed on Wednesday, as previously reported.

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

The plan was to be funded primarily from the net proceeds of the sale of the company’s assets.

Administrative expense claims, professional fee claims, bankruptcy administrator fees, priority tax claims and priority non-tax claims were to be paid in full.

Wells Fargo Bank, NA, in its capacity as prepetition secured agent, was expected to receive a 51% recovery on its secured claims.

Holders of general unsecured claims were expected to receive a 3% recovery via a pro rata share of all remaining distributions under the plan, if any, after all higher-priority claims were paid in full or otherwise treated as provided for under the plan.

Holders of equity interests were not to receive anything.

Peachtree Corners, Ga.-based Premier Kings filed bankruptcy on Oct. 25, 2023 under Chapter 11 case number 23-02871.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.