NRPF Group Two is now in post-sale chapter 11 administration, with the operating path largely converted from restaurant-level stabilization to contract assignment, lease rejection, cure-cost resolution, professional-fee review, and cleanup of sale-related disputes. The debtor and affiliates filed on March 24, 2026, as Applebee’s franchise operators with 53 restaurants across Florida, Georgia, and Alabama, after closing 14 restaurants in 2025 and early 2026 amid negative EBITDA and inflationary pressure and after a 2025 marketing process failed to produce a transaction; the filing strategy shifted to a section 363 going-concern sale to a Dine Brands affiliate, as described in the Goodman first-day declarationDkt. 18.
The opening capital structure was built around roughly $13.184 million owed to Equity Bank and about $1.187 million owed to U.S. Foods, with the debtors disputing Equity Bank’s asserted lien position as avoidable preference exposure while treating U.S. Foods as inventory-collateralized trade debt. Early operations were funded through cash-collateral authority rather than new DIP financing: the amended second interim order authorized ordinary-course and administrative uses subject to a budget, a 10% aggregate monthly disbursement variance, a $153,906.15 minimum unrestricted cash balance, and continued letter-of-credit collateral protections, while preserving fights over Equity Bank’s lien validity and avoidability in the Amended Second Interim Cash Collateral OrderDkt. 108.
The case then moved through the sale implementation phase. SC&H’s final fee application says the sale of substantially all assets to Applebee’s Restaurants Mid-Atlantic, LLC was approved on May 29, 2026 and closed effective May 31, 2026, with SC&H seeking a $328,000 final allowance tied to the transaction process in its . The debtors followed with a schedule of contracts and leases to be assumed and assigned to the buyer, setting a ten-day objection process and listing restaurant-location cure amounts and service contracts in the . Recent docket activity is focused on tightening the asset-transfer perimeter: the court entered an agreed order rejecting PH Lake Buena Vista-related contracts and granting related stay relief effective June 6, 2026 in the , and issued a memorandum opinion holding that a seven-property master lease was severable so the debtors could reject three locations while assuming four for sale purposes in the .
Near-term, the remaining visible milestones are administrative rather than operating-company financing milestones. Objections to SC&H’s final application are due June 30, 2026, with a July 8, 2026 hearing at 10:15 a.m. in Atlanta under the SC&H final fee applicationDkt. 269; the PH Lake Buena Vista order gives that landlord 30 days from June 10, 2026 to file rejection-damages claims under the agreed rejection orderDkt. 270. The original petition still sets July 22, 2026 as the plan and disclosure-statement deadline for NRPF Group Two in the voluntary petitionDkt. 1, making the next phase a post-closing claims, cure, rejection-damages, and plan-path exercise rather than a search for replacement financing.
