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Bloomin' Brands up; proposes to bid for bankrupt franchisee operator's assets

By Reuters News

** Outback Steakhouse owner Bloomin' Brands BLMN.O shares rise ~6% to $11.20 in morning trading

** Independently owned Out West Restaurant Group, which operates 61 Outback restaurants, files for Chapter 11 bankruptcy

** BLMN agrees to be "stalking horse" — lead bidder — in a sale of substantially all of Out West's assets for $26.3 mln

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

** Restaurants to continue operating; expects to continue paying franchise fees and royalties during bankruptcy process - Out West

** Up to last close, stock up about 71% YTD

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