NPC’s Canceled Auctions Pave Way for Sale Of Wendy’s, Pizza Hut Chains to Flynn

NPC International Inc., the nation’s largest franchisee of Pizza Hut and
Wendy’s
restaurants, canceled auctions for all of its assets last night, paving the way for a potential sale of the entire company to the Flynn Restaurant Group LLC.

Wendy’s Co. has opposed the sale to Flynn, the largest restaurant franchisee in the U.S., and instead has made its own offer with a consortium of regional franchisees.

Wendy’s is in talks with NPC to drop its opposition in return for an agreement by Flynn to invest tens of millions of dollars in NPC’s Wendy’s restaurants, according to people familiar with the matter.

San Francisco-based Flynn owns more than 1,200 restaurants, including Applebee’s, Arby’s, Taco Bell and Panera Bread brands across 33 states. Some of those brands compete with Wendy’s.

Wendy’s continues to be an active participant in the chapter 11 sales process, including its continued pursuit of a consortium bid

Read More

Philippines Pushes to End Mining Lawsuits to Pave Way for Sale

The Philippines is forming a government task force to resolve legal cases involving its mining assets, trying to push forward with their sale, Finance Secretary Carlos Dominguez said.

Lawsuits have hampered the government’s efforts to privatize the assets, Dominguez said in a statement on Sunday. The new inter-agency team seeking to untangle the legal issues will include representatives from the finance and environment departments.

Among the mining assets under litigation include the nickel mines of Nonoc Mining and Industrial Corp. in Surigao del Norte, the copper-gold project of Maricalum Mining Corp. in Negros Occidental and the gold-copper mines of North Davao Mining. The finance department said assets of these companies were foreclosed by the government and eventually auctioned off, but the winners didn’t fulfill their obligations, resulting in litigation.

San Miguel Corp.’s major shareholder, Top Frontier Holdings Inc., counts the Nonoc mine in its assets. Manila Standard in July 2018

Read More