Priszm in Bankruptcy Protection


VAUGHAN, Ont. — The KFC, Pizza Hut and Taco Bell restaurant Priszm Income Fund is under Companies’s Creditors Arrangement Act (CCAA) protection following an order issued yesterday, March 31, by the Ontario Superior Court of Justice.

A press release, posted on the Fund website, said the company had filed a court petition “to facilitate the sale of its restaurants.” Priszm already announced the potential sale of its 231 restaurants in Ontario and British Columbia to Soul Restaurants Canada Inc. and the potential sale of all other locations.

FTI Consulting Canada Inc. has been appointed monitor under the CCAA proceedings and CFO Deborah Papernick has been appointed chief restructuring officer to manage operations. All of the trustees and directors of the company, including executive chairman John Bitove, have resigned.

According to the company release, “operations will continue uninterrupted during the CCAA proceeding and obligations to employees and suppliers of goods and services provided after the filing date will continue to be met.”


This site uses Akismet to reduce spam. Learn how your comment data is processed.