A Fast-Food Bankruptcy: 170 Burger King Locations Sold for Premier Kings Estates in less than 90 Days!

Less than 90 days after the filing of the case in Alabama, the Cole Schotz team successfully obtained Court approval and closed asset sales to four separate purchasers for approximately 170 Burger King franchise locations across five states. Remarkably, all four sales were closed over seven days, with the team working over the weekends and long into the evenings. The bankruptcy case, which has been hotly contested, has been a prevalent topic in the press and on social media. In fact, 63 attorneys participated in the sale hearing, during which numerous parties objected to the sale, but the Cole Schotz team prevailed. Together, the sales generated close to $60 million for the estates. After the sale, our team successfully obtained chapter 11 plan confirmation from the U.S. Bankruptcy Court for the Northern District of Alabama. Cole Schotz’s Gary Leibowitz, Irv Walker, H.C. Jones, Stacy Newman, Michael Pardoe, and Nick Cardoso worked on the bankruptcy side, and Roger Iorio and Irv Walker worked on the corporate side.