Three bidders have made a collective stalking horse offer of more than $27 million for 61 Jack in the Box restaurants in California involved in the bankruptcy of Kobra Associates Inc. and affiliated companies.
The live auction for the units is scheduled for next week in the ongoing bankruptcy proceedings for Roseville, Calif.-based Kobra Associates, which filed for Chapter 11 reorganization last year. The company, a franchisee of about 70 Northern California locations, was controlled by Abe Alizadeh, whose real estate development firm Kobra Properties also filed for Chapter 11 in late 2008.
The bidders include Jack in the Box Inc.’s largest franchisee Anil Yadav, who is hoping to acquire 38 units around the Sacramento area.
Existing franchisee Ben Nematzadeh is bidding for 21 units around the Fresno area, and new franchisee Romesh Japra has bid for two units near the Northern California border in Eureka and Crescent City. More.