Johnny Rockets, Twin Peaks owner files bankruptcy after $750M expansion backfires [Yahoo! Finance]
FAT Brands Inc. - Class B (FATBB)
Company Research
Source: Yahoo! Finance
Hospitality giants, FAT Brands and affiliated Twin Hospitality Group filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas to “deleverage the balance sheet, maximize value for its stakeholders, and support continued growth of its brands.” The bankruptcy filing comes after prolonged financial strain tied to mounting liabilities and a severe shortage of available cash. Read more: Say goodbye to flying as you know it: Major airline ends 55-year tradition FAT Brands estimated both assets and liabilities in the broad range of $1 billion to $10 billion, court filings show. At the time of filing, the brand reported just $2.1 million in unrestricted cash on hand. Recent creditor pressure — including lawsuits from major bondholders over alleged debt defaults — helped push the company toward Chapter 11. According to National Restaurant News , the filing comes only days after the company's largest bondholder sued the brand for $109 million tie
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News
- BBQ chain shuts 14 more locations amid Chapter 11 bankruptcy [Yahoo! Finance]Yahoo! Finance
- FAT Brands is being delisted from the Nasdaq less than two weeks after filing for bankruptcy [Yahoo! Finance]Yahoo! Finance
- 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
- Parent of restaurant chain that started in Lexington files for bankruptcy [Yahoo! Finance]Yahoo! Finance