Wendy's, Pizza Hut Franchisee Gets OK On $801M Ch. 11 Plan

Law360 (January 29, 2021, 8:35 PM EST) -- Bankrupt fast-food franchisee NPC International secured court approval in Texas late Friday for a Chapter 11 plan built largely around the $801 million sale of all its 1,315 Pizza Hut and Wendy's restaurants to new owners.

U.S. Bankruptcy Judge David R. Jones approved NPC's plan seven months after business and sales pressures created by the global COVID-19 pandemic pushed the chain into court with $1 billion in debt. The judge's confirmation order came nine days after he approved a sale of substantially all of NPC's assets.

During the confirmation hearing on Friday the debtors described the trajectory of the case and...

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