Friendly Ice Cream Corp. is in bankruptcy.
(Jonathan Wiggs/Globe Staff)
AROUND THE REGION
Settlement arises in Friendly’s case
Friendly Ice Cream Corp. is in bankruptcy.
(Jonathan Wiggs/Globe Staff)
Several days after a federal agency accused Sun Capital Partners, the owner of Friendly Ice Cream Corp., of fraud in the chain’s bankruptcy proceeding, the two parties have reached a settlement. The Pension Benefit Guaranty Corp., which is responsible for protecting workers’ pension benefits, has alleged that Sun Capital fraudulently transferred assets so that its affiliates could keep control of the Wilbraham chain and avoid paying retirement benefits to nearly 6,000 Friendly’s workers and retirees.
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