NPC International Fields Creditor Questions At Hearing
Law360 (July 2, 2020, 8:11 PM EDT) -- The largest Pizza Hut and Wendy's franchisee in the U.S. appeared in a Texas bankruptcy court Thursday alongside its second-lien lenders, who complained about being left out of the talks that produced a restructuring agreement with first-lien lenders.
NPC International won approval at the telephonic hearing for its standard first-day Chapter 11 motions, but lienholders and franchisors raised questions about its restructuring support agreement, or RSA, and sale plans.
NPC filed for bankruptcy on Wednesday with an RSA it said had the support of the holders of 85% of its $743 million in first-lien debt and 17% of the holders of...
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