Law Office of Camron Hoorfar, PC

Wendy’s Co. and Pizza Hut LLC are raising concerns over their largest franchisee’s efforts to sell its assets in bankruptcy court. NPC International operates 392 Wendy’s and 1,200 Pizza Huts across the country filed Chapter 11 bankruptcy on July 1, 2020 with a plan to sell its assets. The franchise agreements are its most valuable assets it is attempting to sell. Both Wendy’s and Pizza Hut have warned in filings in the U.S. Bankruptcy Court in Houston that they are uncomfortable about the sales of the franchise pacts to third parties. All bids are due on October 20, 2020 and November 5, 2020.

Contemplating bankruptcy? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

The prognosis for Dave and Buster’s Entertainment looks increasingly dire as the coronavirus economy takes a massive bite out of revenue and the company looks to layoff hundreds of workers. The company warned that it may need to file for bankruptcy if it can’t reach an agreement with its lenders. Dave and Buster’s second-quarter revenue plummeted 85 percent this year compared to last year. The chain also plans to layoff 1,300 employees over seven states. The company has reached a temporary debt-relief deal until November 1, however if that deal isn’t extended the company may need to file for bankruptcy.

Struggling financially? Please contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

Briggs & Stratton’s unsecured creditors will receive 7 to 10 cents on the dollar depending on when the company completes its bankruptcy court-approved sale to KPS Capital Partners. The final amount will depend on how quickly Briggs can complete its sale to the New York City private equity firm. The sooner it is completed, the more money the unsecured creditors will receive. The sale should be completed the week of September 21 according to the attorney for Briggs and Stratton.

Contemplating bankruptcy? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

The U.S. Agriculture Department released the details of a second round of COVID-19 aid for farmers, which will pay up to $14 billion to growers of corn, soybeans, wheat, livestock and tobacco as well as dairy. The aid follows the previous $19 billion relief program that assisted farmers in April. Less than $10 billion dollars of that relief has been paid out to date. The new package will be funded by the Commodity Credit Corp, a Depression-era program created to support farmers and would not need approval from Congress. The USDA also said that up to $100 million in aid for tobacco farmers will come from the CARES act.

Confused by the effects of the coronavirus? We can help. Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.