From today's Australian newspaper

Retail Food Group has embarked on a potential sales process for some of the best assets in its portfolio — Crust Gourmet, Pizza Capers and Donut King — as it buckles under pressure from its hefty debt load.
Some analysts believe the future of the group is hanging in the balance, with its overall value now less than what it owes to its lenders, which includes the National Australia Bank.
Investment bank UBS is believed to be working with the business, and Deloitte has also been in the tent, but it is understood that KPMG has been tasked with finding a buyer for Donut King and potentially its quick-service restaurant brand Pizza Capers.
Flyer documents from the accounting firm have been circulating in the market among prospective buyers.
The most likely group to swoop on the assets is tipped to be Allegro Funds Management, which acquired Eagle Boys Pizza when it collapsed, and Pizza Hut.
However, the private equity firm did not return a call to DataRoom.
RFG describes Pizza Capers as a franchise with stores throughout Australia and plans to expand internationally, while Donut King also has stores Australian-wide, as does Crust.
The company, which is also the franchisor to other brands such as Gloria Jean’s, Brumby’s Bakery, Michel’s Patisserie and Di Bella Coffee, told the market in June that its lenders had agreed to waive its debt covenant conditions for the 2018 financial year, subject to reporting obligations.
RFG added that the company was “assessing a range of alternatives” to reduce balance sheet leverage, inclusive of potential asset sales.
The group is on track to report a 2018 financial year loss of $87.6m, following impairment charges.
Amid an environment of tough retail conditions, franchisees have deserted the business, and RFG has been forced to defend claims that they were mistreated. Lenders were owed $259.7m as at December and RFG’s market value is $76.75m compared with almost $1bn in 2015.
The company promoted Richard Hinson to chief executive in May, replacing Andre Nell, and the understanding is that a focus is on turning around its coffee division after its earnings fell 40 per cent to $5.5m for the six months to December 2018.
Analysts believe the group is putting its best businesses up on offer, as only they would find buyers.
Since February, RFG has announced it would shut up to 200 outlets and drop prices for goods delivered to franchisees and new store fees.