FAT Brands CEO Andy Wiederhorn says $1.26 billion in debt is not guaranteed by parent company [Yahoo! Finance]
FAT Brands Inc. - Class B (FATBB)
Company Research
Source: Yahoo! Finance
Less than two months after FAT Brands warned that bankruptcy could be on the horizon, CEO Andy Wiederhorn provided detail on the company's complicated debt structure at the ICR conference in Orlando this week. While a trustee has declared FAT Brands' $1.26 billion in debt immediately due, Wiederhorn stated on Tuesday that the debt is not guaranteed by the parent company as a whole. Instead, the total liability is spread across five securitization trusts, involves multiple layers of investors, and is tied to individual brands. This debt strategy is designed to isolate financial risk: FAT Brands could sell or declare bankruptcy for any individual brands that are financially struggling. “We've been talking about restructuring this debt for 18 months to two years with our note holders,” Wiederhorn said. “It has not been a very constructive negotiation. … We're looking at avenues to lower the debt and make it just make it practical. I wish I could say that this was go quickly and
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