A year after entering a merger plan with Just Eat Takewaway.com, Grubhub is defending itself against a handful of shareholder lawsuits. In all, 14 lawsuits have hit the courts alleging various issues in the merger agreement.

If 2021 is the year deferred debt comes due for lenders and operators, then Article 9 of the Uniform Commercial Code is a little-known way to deal with it. Subchapter V, meanwhile, is a new tool for small businesses, making it faster and less expensive to reorganize under Chapter 11.

Some operators won’t even say the word “bankruptcy.” Take Adam Zeitsiff, CEO of Gold’s Gym when it filed for Chapter 11 in May 2020. "I don’t use the B-word," he said at the time. But can bankruptcy be a good thing? These five franchise operators used the process to their advantage.

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