FAT Brands and Twin Hospitality file for Ch. 11 bankruptcy [Yahoo! Finance]
FAT Brands Inc. - Class B (FATBB)
Company Research
Source: Yahoo! Finance
FAT Brands and its affiliates, including Twin Hospitality, have filed for Ch. 11 bankruptcy in the Southern District of Texas, citing the mounting “liabilities and liquidity situation” of the companies. The bankruptcy filing — estimating both liabilities and assets in the range of $1 to $10 billion — requests joint administration of all FAT Brands affiliates. This includes the previously spun-off Twin Hospitality, and each of the companies under the FAT Brands umbrella, including Fazoli's, Round Table Pizza, Johnny Rockets, Smokey Bones, company flagship brand Fatburger, and Fog Cutter Capital, which was a controlling shareholder of the group. According to the filing, FAT Brands sought “strategic alternatives, including restructuring options” and determined that filing for bankruptcy protection was in the best interest of company stakeholders. The bankruptcy filing comes just a few days after the company's largest bondholder, Investor 352 Fund, sued FAT Brands for $109 millio
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