Applebee’s Restaurants LLC is objecting to a franchisee’s plan to leave chapter 11, saying it isn’t clear that a $10 million offer by the franchisee’s private-equity owner to take it out of bankruptcy reflects its market value, WSJ Pro Bankruptcy reported. RMH Franchise Holdings Inc., the second-biggest franchisee of Applebee’s restaurants, sought protection from creditors in May. Applebee’s, owned by Dine Brands Global Inc., is an unsecured creditor in the proceedings and is owed more than $14 million in past-due royalties and advertising fees, a court filing has shown. Applebee’s last week objected to RMH’s disclosure statement, a document describing its proposed reorganization plan. The filing must be approved by the U.S. Bankruptcy Court in Wilmington, Del., before creditors are allowed to vote on the reorganization plan.
