Friendly’s exits Ch. 11

Friendly’s exits Ch. 11

Sun Capital-backed holding company purchases the restaurant operator

Friendly Ice Cream Corp. has emerged from Chapter 11 bankruptcy with a new owner – private-equity firm Sun Capital-backed Friendly’s Ice Cream LLC – and fewer locations and less debt.

The company, which originally was backed by Sun Capital, filed for bankruptcy protection just over three months ago, in October 2011.

Friendly Ice Cream Corp. is the parent of the Friendly’s family-dining

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