Current posture

What matters now

NRPF Group Two is now a post-closing Chapter 11 estate: substantially all assets were sold to Applebee's Restaurants Mid-Atlantic, LLC effective May 31, 2026, and the debtor reported no remaining assets, receipts, disbursements or operating activity for June, with sale proceeds held by a jointly administered affiliate June monthly operating report Dkt. 282. The debtor and two affiliates filed Chapter 11 petitions on March 24, 2026 Dkt. 1 after operating pressures had already forced the closure of 14 underperforming Applebee's locations during 2025 and early 2026. A 2025 marketing process drew interest from 17 groups but did not produce a transaction, prompting the debtors to enter Chapter 11 around a section 363 going-concern sale strategy for the remaining restaurant platform first-day declaration Dkt. 18. Liquidity during the sale process depended on interim use of cash collateral rather than new-money financing. Equity Bank contested the adequacy of its protection and the debtors' longer-term budget and sale planning cash-collateral response Dkt. 68; the court subsequently authorized budgeted cash-collateral use subject to a 10% monthly aggregate-disbursement variance, replacement liens, minimum cash protections and…

Updated Aug 6, 2026