FAT Brands' largest bondholder sues company over Twin Peaks ownership dispute [Yahoo! Finance]
FAT Brands Inc. - Class B (FATBB)
Company Research
Source: Yahoo! Finance
FAT Brands faces more legal and financial turmoil as another entity has filed a lawsuit against the company over alleged unpaid contractual obligations. The company's largest bondholder, Investor 352 Fund, is suing FAT Brands for $109 million and promised Class B Common stock tied to ownership of Twin Peaks, as it was issued by Twin Hospitality. According to the lawsuit, filed in the New York County Supreme Court, FAT Brands entered an indenture agreement with UMB Bank in 2023 after borrowing funds by issuing secured notes to investors, including the 352 Fund. Under this agreement, FAT Brands was required to regularly deposit money into an account managed by UMB Bank, which would then distribute payments to the investors. As of now, FAT Brands owes nearly $170 million on these loans. After spinning off Twin Peaks and forming Twin Hospitality Group a year ago, FAT Brands signed an agreement with UMB Bank, agreeing to hand over 95% of its Twin Hospitality Group shares as loan colla
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