Fatburger Owner Is the Latest Casual-Dining Bankruptcy [Yahoo! Finance Canada]
FAT Brands Inc. - Class B (FATBB)
Company Research
Source: Yahoo! Finance Canada
(Bloomberg) -- FAT Brands Inc., the owner of restaurant chains Fatburger, Johnny Rockets and Twin Peaks, filed for bankruptcy, adding to a string of casual-dining brands that have sought court protection from creditors. The Beverly Hills-based company filed for Chapter 11 bankruptcy in Texas on Monday, court documents show. The company has around $1.45 billion of funded debt obligations outstanding, according to a court filing from FAT Brands' chief restructuring officer dated Jan. 27. Most Read from Bloomberg The step came after FAT Brands didn't make interest payments due in October on some of its $1.2 billion in whole-business securitization debt. Creditors then called for a full and immediate repayment of that total amount, saying the failure to pay constituted a default. According to the declaration, a group of creditors indicated they would issue a notice of foreclosure on the collateral absent a Chapter 11 filing. With no restructuring plan in place, FAT Brands plans t
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