Iconic sports bar, BBQ chain owner files Chapter 11 [Yahoo! Finance]
FAT Brands Inc. - Class B (FATBB)
Company Research
Source: Yahoo! Finance
“We've been talking about restructuring this debt for 18 months to two years with our note holders,” Wiederhorn said, according to Nation's Restaurant News . “It has not been a very constructive negotiation…We're looking at avenues to lower the debt and make it practical. I wish I could say that this would go quickly and get resolved, but it may take a couple of rounds.” Those comments came after FAT Brands warned that a problem with its key lenders could result in a Chapter 11 bankruptcy filing. The company shared the details of its latest financial problem in a 10-K filing with the SEC In practical terms, the filing said that UMB delivered to Fat Brands a “Notice of Event of Default” with respect to the FB Resid Indenture, stating that an “Event of Default had occurred pursuant to Section 9.2 of the FB Resid Indenture. The aggregate principal amount outstanding under the FB Resid Notes is $158.9 million, or $110 million net of FB Resid Note,” it shared. FAT Brands did not hav
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News
- BBQ chain shuts 14 more locations amid Chapter 11 bankruptcy [Yahoo! Finance]Yahoo! Finance
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- Parent companies of Fazoli's, Twin Peaks file for Chapter 11 bankruptcy [Yahoo! Finance]Yahoo! Finance
- Restaurant giant files for bankruptcy under massive debt shortly after touting major expansion [FOX Business Network]FOX Business Network