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...
To view the full article, register now.