DLA Piper and Salans help save Little Chef's bacon
DLA Piper and Salans have played key roles in a last-minute rescue of Little Chef, but insolvency lawyers have played down claims that the deal marks the beginning of the long-heralded revival in restructuring work.
January 10, 2007 at 07:13 PM
3 minute read
DLA Piper and Salans have played key roles in a last-minute rescue of Little Chef, but insolvency lawyers have played down claims that the deal marks the beginning of the long-heralded revival in restructuring work.
The People's Restaurant Group – the owner of the ailing roadside restaurant chain – last week (3 January) went into administration, but announced that it had agreed a deal that would keep the majority of the business running.
DLA Piper's Yorkshire head of business support and restructuring, Mark Jackson, was brought in to advise PricewaterhouseCoopers, which was formally appointed as administrator to the chain. Salans London bankruptcy partner Bryan Green advised private equity group RCapital, which paid an undisclosed sum – thought to be around £10m – for around 196 of the 235 Little Chef restaurants.
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