Deal Dispatch: TGI Fridays Goes Bankrupt, BHP Backtracks Comments And More M&A News

Bankruptcy Block

TGI Fridays just rang the "last call" for a financial lifeline, filing for Chapter 11 bankruptcy in Texas. Known for its appetizers, wings, and cocktails, the restaurant chain plans to keep its 39 company-owned locations open as it attempts to restructure its finances and “explore strategic alternatives” for the future.

The 56 U.S. franchises and 40 international locations that are independently owned remain unaffected.

Executive Chairman Rohit Manocha attributed the chain's financial woes to the pandemic's aftermath and some dicey capital structure choices. Private equity firm TriArtisan Capital Partners owns TGI Fridays.

New On The Block

Inland Real Estate Income Trust Inc INRE hired BMO Capital Markets Corp. to advise a potential sale process. The real estate trust, which currently has a $395-million market cap, closed Friday in the red, with its shares down 1.35%, trading at $10.95.

BT BT tapped Citigroup to find a buyer for its financial services segment, Radianz, according to the Financial Times.

DigitalBridge Group DBRG is seeking to sell Brazil’s Scala Data Centers, for a price tag of $2 billion, per Bloomberg.

ConocoPhillips COP is auctioning shale assets in the Permian Basin, Reuters reported. The oil giant expects more than $1 billion in proceeds.

See Also: Harris ‘Ready’ If Trump Decides To ‘Falsely’ Declare Victory: ‘We Are Prepared To Respond’

Updates From The Block

BHP Group BHP backtracks on comments about having "moved on" from its failed Anglo American Plc. BHP Chairman Ken MacKenzie made the comments Wednesday at the company's shareholder meeting in Australia, Bloomberg first reported this development.

Telephone and Data Systems, Inc. TDS CFO Vicki Villacrez discussed an ongoing sale process during a recent earnings call. The company, after closing the sale of OneNeck IT Solutions in September, agreed to divest other assets. Those deals are expected to close later this year.

Blackstone is considering a $3.5-billion purchase of minority stakes in interstate natural gas pipelines owned by EQT Corp. EQT, Reuters reported.

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