Friendly’s Franchisee Files Bankruptcy; GE Capital Provides DIP

Reuters reported that Friendly’s franchisee J&B Restaurant Partners of Long Island filed for Chapter 11 bankruptcy protection as part of a pre-negotiated restructuring plan.

According to Reuters, J&B said the filing will allow it to close unprofitable restaurants, reduce debt and quickly emerge from bankruptcy.

Reuters noted, according to a company statement, that GE Capital Franchise Finance will provide debtor-in-possession financing to enable normal operations.

To view the full Reuters report, click here.

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