Valhi to sell Arby's franchise to ICH

Nation's Restaurant News, Feb 24, 1997

DALLAS -- I.C.H. Corp., a publicly traded company that is reorganizing under bankruptcy protection here, agreed to acquire Sybra Inc., a 150-unit Arby's franchisee based in Atlanta, from Valcor Inc., a subsidiary of Valhi Inc., which also is based here.

I.C.H., which previously was an insurance-holding concern, agreed to pay $39.7 million in cash for Sybra, of which $23.7 million was to be used to pay down debt. In connection with the sale, U.S. Restaurant Properties agreed to purchase 63 properties and 10 leaseholds for $45 million from Sybra. The transactions are expected to close by April 15, Valhi said.

USRP owns some 325 restaurant properties in lease-back agreements. Valhi Inc. has interests in chemicals, waste management and other businesses.