One of the biggest Massachusetts bankruptcy stories of 2011 took another twist in late December, when the scheduled auction of the restaurant chain was cancelled — for lack of bidders. The only bid was a $75M bid by the firm’s current owner, the equity firm Sun Capital Partners.
The cancellation of the auction makes it more likely that Sun Capital will become the permanent owner of the chain after bankruptcy as well. There was no additional news on whether any more Massachusetts or New Hampshire Friendly’s stores would be closed due to the developments in bankruptcy court.
By Doug Beaton