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Investment Firm Buys The Bennigan's Name, Franchise Rights

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By MICHAEL SASSO

The Tampa Tribune

Published: October 23, 2008

An Atlanta-based investment firm has purchased the Bennigan's restaurant brand name and rights to sell franchises of the casual dining chain.

Atalaya Capital has acquired the Bennigan's franchising system out of bankruptcy court from its owner, S&A Restaurant Corp. of Dallas. Atalaya hopes to sell new Bennigan's franchises and it hopes to help prospective and current franchisees reopen up to 60 Bennigan's that have been closed since July, said Doug Benham, a consultant hired to assist Atalaya.

S&A filed for Chapter 7 bankruptcy, which leads to a company's liquidation, in late July.

Atalaya was a senior secured creditor of S&A. As part of the deal, Atalaya forgave about $12 million that S&A owed the company. Atalaya also made a payment to the bankruptcy estate, Benham said.

A bankruptcy court judge approved Atalaya's acquisition of the franchising system this week.

Reporter Michael Sasso can be reached at (813) 259-7865 or msasso@tampatrib.com.

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