NPC International Inc, the nation's largest owner of Wendy's and Pizza Hut stores, hopes to sell itself out of bankruptcy, pending approval by the courts of a sale to Panera Bread owner, Flynn Resturant Group, LLC.
NPC International filed for Chapter 11 in July 2020. The company is nearly $900 million in debt. Like many other restaurants, it suffered losses due to the COVID-19 pandemic.
Flynn submitted a stalking horse offer of $816 million for the company's 1,300 locations, according to the Wall Street Journal. A court hearing to approve Flynn as the stalking horse bidder will occur on November 13.
But some competitors have expressed interest in purchasing NPC's stores. And the Wendy's Company opposes the sale because it is in direct competition with two of the companies curre...