Sun Capital To Kick Off Bids In Friendly's Asset Auction

Law360, Wilmington (November 1, 2011, 3:36 PM EDT) -- A Delaware bankruptcy judge on Tuesday cleared Friendly Ice Cream Corp. — owner of the Friendly’s restaurant chain — to sell its assets at auction, with an affiliate of private equity firm Sun Capital Partners Inc. to kick off the bidding with an as-yet-undisclosed offer.

U.S. Bankruptcy Judge Kevin Gross signed off on the auction proceedings after Friendly settled a dispute with its creditors committee. Among other grievances, the committee said the process was moving too swiftly and demanded heightened scrutiny in light of Sun Capital’s...
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