Premier Kings names winning bidders for four sets of assets

By Sarah Lizee

Olympia, Wash., Dec. 5 – Premier Kings, Inc. named the winning and backup bids for four sets of its assets in a notice filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Alabama.

As background, the debtors have a number of affiliates that own real estate leased to Burger King or Popeyes restaurants or operate other restaurant brands.

Mosaic Gold Crown Group, LLC was named winning bidder for stores in the Atlanta region, with a bid of $7.25 million. Burger King Co. LLC was named backup bidder with a $7 million bid.

Burger King was named winning bidder for the North Alabama stores, with a bid of $24.2 million. Newell-Berg Alliance AL, LLC and Newell-Berg Alliance TN II, LLC were named backup bidders, with a bid of $23.04 million.

RRG of Jacksonville, LLC was named winning bidder for the Jacksonville and Savannah stores, with a bid of $15.25 million.

Bulldog Restaurants, LLC was named winning bidder for the Central and South Alabama stores, with a bid of $8 million.

As previously reported, the company lined up stalking horse agreements with RRG of Jacksonville for the Savannah and Jacksonville regions and Newell-Berg Alliance for the North Alabama stores.

Each stalking horse bidder was offered a breakup fee of 2.5% and an expense reimbursement of $150,000.

A sale hearing will take place on Dec. 11.

Peachtree Corners, Ga.-based Premier Kings filed bankruptcy on Oct. 25 under Chapter 11 case number 23-02871.

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