USA: Advantica completes FRD divestiture, changes name to Denny's
Spartanburg-based Advantica Restaurant Group closed the divestiture of its subsidiary FRD Acquisition Co, the parent company of the Coco's and Carrows restaurant brands, on Wednesday. The divestiture was completed through FRD's Chapter 11 reorganisation proceedings. Pursuant to the reorganisation plan, FRD's unsecured creditors, who were generally the holders of FRD's 12 1/2% senior notes, received 100% of the reorganised equity of FRD.
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