Priszm Sells KFC Outlets

On June 1, 2011, following receipt of approval from the Ontario Superior Court of Justice's commercial division under the Companies' Creditors Arrangement Act, Soul Restaurants Canada Inc. (“Soul”) completed the purchase of 200 KFC restaurants in British Columbia and Ontario, along with four in Québec, from Priszm Income Fund (“Priszm”). The purchase price paid for the restaurants was $42.8 million.

The team at Soul is composed of its two indirect shareholders, Aly Janmohamed and Shiraz Boghani. Soul was represented by Gardiner Roberts LLP with a team led by Arlene O'Neill (M&A) and that included Jonathan Wigley (insolvency); Peter Moffatt (M&A); Lori Mark (secured financing) and Alex Eisenberg (M&A). Soul was represented in British Columbia by Christopher Wiebe of Farris Vaughan Wills & Murphy LLP.

The Bank of Montreal, led by Kerry O'Neill, provided transaction financing to Soul. The Bank of Montreal was represented by Fraser Milner Casgrain LLP with a team led by Laurence Geringer and included Ross Walker, Le Nguyen and Allison Beer.

The team at Priszm was led by Deborah Papernick, as representative of the Chief Restructuring Officer. Priszm was represented by Stikeman Elliott LLP with a team led by Dee Rajpal (M&A) and Ashley Taylor (insolvency) and included Maria Konyukhova (insolvency) and Derrick Guo (M&A) and was also represented by Mark Laugesen (conflict counsel on insolvency and leasing matters) of Bennett Jones LLP.

FTI Consulting Canada Inc. was the CCAA court appointed Monitor with a team led by Nigel Meakin and including Toni Vanderlaan. FTI was represented by Osler, Hoskin & Harcourt LLP with a team led by Marc Wasserman (insolvency) and included Jeremy Dacks (litigation) and Martino Calvaruso (insolvency).