The CEO and President of NPC’s Pizza Hut division, Jon Weber, He informed that he requested, through a statement, bankruptcy protection under Chapter 11 of the American Bankruptcy Law, against the damages caused by the coronavirus.
“We intend to use this process to continue evaluating and optimizing our restaurant portfolio so that we are better positioned to meet the needs of consumers across the country.”Weber stated.
For his part, the CEO and president of the Wendy division of NPC, Carl HauchHe stated that he is very satisfied with the support that is being received from his senior lenders.
As published by the media The universe, it is detailed that the franchisee lost interest payments on its almost $ 800 million in loans on January 31, which caused S&P Global Ratings and Moody’s Investors Service to reduce their views on the company’s debt. NPC was in talks with its lenders for a possible bankruptcy filing at the time, people familiar with the matter said.
Local media The Wall Street Journal and Fox Business too they assured than The company had held discussions with potential lenders for a possible bankruptcy for a year.
Approximately 1,000 million dollars was the debt that the company had been carrying, in addition to high costs in labor and supplies, for which the situation of the health contingency represented a hard blow to them.