DineEquity sells 26 Applebee's units to franchisee

GLENDALE Calif. Applebee’s parent DineEquity Inc. has completed the sale of 26 company-owned restaurants to Southern California franchisee Apple American Group LLC for an estimated $27 million in after-tax cash that will be applied toward the company’s $350 million of consolidated debt, officials said Tuesday.

DineEquity also said it has secured an extension to Aug. 31 on its debt payment, which previously was due June 30.

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