Bankruptcy Block
TGI Fridays just rang the "last call" for a financial lifeline, filing for Chapter 11 bankruptcy in Texas. Known for its appetizers, wings, and cocktails, the restaurant chain plans to keep its 39 company-owned locations open as it attempts to restructure its finances and .
The 56 U.S. franchises and 40 international locations that are independently owned remain unaffected.
Executive Chairman Rohit Manocha attributed the chain's financial woes to the pandemic's aftermath and some dicey capital structure choices. Private equity firm TriArtisan Capital Partners owns TGI Fridays.
New On The Block
Inland Real Estate Income Trust Inc OTC:INRE hired BMO Capital Markets Corp. to advise a potential sale process. The real estate trust, which currently has a $395-million market cap, closed Friday in the red, with its shares down 1.35%, trading at $10.95.
BT (LSE: BT) tapped Citigroup to find a buyer for its financial services segment, Radianz, according to the Financial Times.
DigitalBridge Group NYSE:DBRG is seeking to sell Brazil’s Scala Data Centers, for a price tag of $2 billion, per Bloomberg.
ConocoPhillips NYSE:COP is auctioning shale assets in the Permian Basin, Reuters reported. The oil giant expects more than $1 billion in proceeds.
See Also:
Updates From The Block
BHP Group NYSE:BHP backtracks on from its failed Anglo American Plc. BHP Chairman Ken MacKenzie made the comments Wednesday at the company's shareholder meeting in Australia, Bloomberg first reported this development.
Telephone and Data Systems, Inc. NYSE:TDS CFO Vicki Villacrez discussed an ongoing sale process during a recent earnings call. The company, after closing the sale of OneNeck IT Solutions in September, agreed to divest other assets. Those deals are expected to close later this year.
Blackstone is considering a $3.5-billion purchase of minority stakes in interstate natural gas pipelines owned by EQT Corp. NYSE:EQT, Reuters reported.
Now Read:
- Nvidia Rides AI Wave To Replace Intel On Dow Jones Industrial Average, Ending Its 25-Year Run
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.