BUZZ-Bloomin' Brands stock rises; plans to bid for the assets of a bankrupt franchisee

November 2 - ** Shares of Outback Steakhouse parent company Bloomin' Brands (stock code: BLMN.O) rose about 6% in early trading to $11.20

** Independently operated “Out West Restaurant Group”, which manages 61 Outback locations, has filed for Chapter 11 bankruptcy protection

** BLMN has agreed to act as the “stalking horse” bidder in the sale of nearly all “Out West” assets, offering a purchase price of $26.3 million

** Also agreed to provide up to $5.5 million in debtor-in-possession financing to support operations during bankruptcy proceedings

** Restaurants will continue normal operations; “Out West” Group says it expects to continue paying franchise fees and royalties during bankruptcy proceedings

** As of the last close, the stock had gained about 71% year to date

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