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00:02Outback Steakhouse parent company Blumenbrands plans to acquire 61 restaurants operated by
00:08a major franchisee that filed for Chapter 11 bankruptcy protection, according to Fox Business.
00:14Out West Restaurant Group filed for bankruptcy in Delaware on Monday,
00:18according to a Securities and Exchange Commission filing.
00:21Blumenbrands agreed to purchase the franchisee's assets for approximately $26.3 million,
00:27subject to adjustments and certain liabilities.
00:31The company will serve as the initial bidder in a bankruptcy sale process that allows competing offers.
00:37Blumenbrands also agreed to provide up to $5.5 million in interest-free financing
00:42to support operations during bankruptcy proceedings.
00:45The agreements are subject to court approval.
00:48Out West plans to keep its restaurants operating,
00:51with no immediate impact on customers or employees.
00:54For all things money, visit Benzinga.com.
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