Hunter
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Any thoughts on whether Sardar gets involved here?
"Under the auction rules Friendly's is proposing, rival bidders must offer at least $122.6 million in cash in order to challenge Sun Capital at auction. The restaurant chain is seeking a Nov. 24 bid deadline ahead of a Dec. 1 auction, although this timeline is subject to court approval."
He just completed the SNS dividend deal which upstreamed significant capital to the holding company. He has dry powder...
Friendly's Files for Chapter 11 Bankruptcy
in General Discussion
Posted
The following is a press release from Standard & Poor's:
-- U.S. hamburger restaurant operator Steak n Shake issued a $130 million
credit facility to fund an approximately $83 million dividend to its parent
Biglari Holdings and to refinance existing debt.
-- After receiving final documents and reviewing the terms, we are
assigning our 'B' corporate credit rating to the company.
-- We are also assigning a 'BB-' issue-level rating with a '1' recovery
rating to the company's credit facility.
-- The stable outlook reflects our expectations that stable operating
performance and required debt reduction will enhance Steak n Shake's credit
profile over the near term.