Priszm Income Fund and related companies (“Priszm”) was Canada’s largest franchisee of Kentucky Fried Chicken, Pizza Hut and Taco Bell restaurants. It operated over 400 locations across the country.
Priszm’s senior secured creditor, The Prudential Insurance Company of America, engaged us as its financial advisor in the context of Priszm’s restructuring proceedings under the Companies’ Creditors Arrangement Act. In that capacity we worked closely with Priszm and its advisors to consider and develop strategies to preserve all or part of the business.
Subsequently, Priszm’s secured creditor made an application to Court for our appointment as Receiver in order to further a sale process for Priszm’s business. As Receiver, we identified, negotiated and completed several going-concern transactions and distributed in excess of $50 million to the senior lender. We also dealt with unique tenant liability insurance issues among Priszm, its lender and its landlords related to post-filing claims at its various locations.