Bankrupt Applebee’s restaurant operator RMH Franchise Holdings Inc. said it has reached a tentative deal to pay at least $47 million in cash to secured lenders led by Bank of America, WSJ Pro Bankruptcy reported. The nation’s second-largest Applebee’s franchisee shared news of the settlement during a hearing Monday before Judge Brendan Linehan Shannon in U.S. Bankruptcy Court in Wilmington, Del. RMH filed for bankruptcy in May and has spent much of the time battling objections from parties that include Dine Brands Global Inc., which owns the Applebee’s brand, as well as Bank of America NA and other senior secured lenders owed more than $60 million. RMH is expected to be recapitalized with about $10 million from its current owner, private-equity firm Acon Investments.
