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RMH Franchise Holdings Retention Objection Filed

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Dine Brands Global, the ultimate parent company, along with Applebee’s Restaurants and Applebee’s Franchisor (collectively, “Applebee’s”) filed with the U.S. Bankruptcy Court an objection to RMH Franchise Holdings’ application authorizing the retention and employment of Mastodon Ventures as investment banker to RMH Franchise Holdings.

The objection asserts, “The Debtors’ retention of Mastodon Venture’s as its investment banker is premature since there has not been a determination of whether the Debtors’ principal asset, certain franchise agreements (the ‘Franchise Agreements’), even constitute property of these estates as defined in 11 U.S.C. section 541. Specifically, the Application seeks to employ Mastodon to, among other things, assist the Debtors with (i) the Restructuring Transaction, defined as the restructuring and potential sale of certain assets….The possibility of the Restructuring Transaction or any alternative proposal, however, hinges on whether or not the Franchise Agreements are property of the estates. Until there is a ruling on this threshold issue, the Debtors should not incur the administrative expense of hiring Mastodon in arguably administratively insolvent estates.”

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The post RMH Franchise Holdings Retention Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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