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Church's, WETCO purchase 20 La. restaurants
October 3, 2007
ATLANTA — Church's Chicken has announced an agreement with WETCO Restaurant Group LLC to purchase 20 Church's restaurants in the New Orleans, Baton Rouge, Lafayette and Alexandria markets.
The deal involves WETCO, Church's Chicken and GE Capital and allows WETCO to be restructured as part of a consensual Chapter 11 bankruptcy. GE Capital is the senior creditor while Cajun is both the franchisor and a major creditor.
The need to restructure arose primarily from the devastation caused by Hurricane Katrina and the financial ripple effects that followed, according to a news release.
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