Fatburger Owner Faces Allegations It Masked Liquidity Crunch [Yahoo! Finance Canada]
FAT Brands Inc. - Class B (FATBB)
Company Research
Source: Yahoo! Finance Canada
The MCAs, together with other transactions that were “designed to artificially inflate its cash position and disguise its liquidity issues,” suggested deeper troubles with the firm's finances that weren't “properly accounted for in FAT's publicly disclosed financial statements or disclosed to investors,” according to one of the complaints. FAT Brands warned in late November that it could be forced to file bankruptcy after creditors demanded full repayment on its roughly $1.2 billion of whole-business securitization debt, an amount it didn't have “on hand to pay.” Soaring costs and competition have pushed several casual-dining chains into bankruptcy in recent years, including some that carried substantial loads of that debt where franchise companies pledge most of their assets as collateral. The shareholder, Kevin Gordon, alleges the company has more than $1.4 billion in debt and that it was unlikely to be able to repay its lenders. Gordon, whose FAT Brands shares were worth about
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