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FAT Brands Inc. and Twin Hospitality Group Inc. report court approval of a comprehensive Chapter 11 global settlement and final DIP financing. The U.S. Bankruptcy Court approved a Global Settlement and Final DIP Order on May 19, 2026, enabling four asset sale transactions, primarily via credit bids by the WBS Ad Hoc Group for substantially all company assets, with alternative sales for brands such as Hot Dog on a Stick and Elevation Burger.
The settlement requires the debtors to file and confirm a Chapter 11 plan of liquidation on an accelerated schedule, wind down remaining estates, and form a Liquidation Trust to pursue retained causes of action and distribute recoveries through a multi‑tranche waterfall to NewCos, unsecured creditors, Resid Noteholders and Prepetition Noteholders. NewCos will contribute an additional $9.23 million to fund sale consummation costs, the plan process and Specified Taxes, while at least $1.5 million will seed the Liquidation Trust. A wind‑down budget projects total cash receipts of $35.4 million against operating, non‑recurring and bankruptcy‑related disbursements that produce a cumulative net cash outflow of $33.8 million, leaving closing cash of about $2.8 million after sales close.
FAT Brands Inc. and Twin Hospitality Group Inc. report court approval of a comprehensive Chapter 11 global settlement and final DIP financing. The U.S. Bankruptcy Court approved a Global Settlement and Final DIP Order on May 19, 2026, enabling four asset sale transactions, primarily via credit bids by the WBS Ad Hoc Group for substantially all company assets, with alternative sales for brands such as Hot Dog on a Stick and Elevation Burger.
The settlement requires the debtors to file and confirm a Chapter 11 plan of liquidation on an accelerated schedule, wind down remaining estates, and form a Liquidation Trust to pursue retained causes of action and distribute recoveries through a multi‑tranche waterfall to NewCos, unsecured creditors, Resid Noteholders and Prepetition Noteholders. NewCos will contribute an additional $9.23 million to fund sale consummation costs, the plan process and Specified Taxes, while at least $1.5 million will seed the Liquidation Trust. A wind‑down budget projects total cash receipts of $35.4 million against operating, non‑recurring and bankruptcy‑related disbursements that produce a cumulative net cash outflow of $33.8 million, leaving closing cash of about $2.8 million after sales close.
FAT Brands, Inc. Amendment No. 2 to a Schedule 13G/A reports that Muhammad Asif Seemab has sold his entire position in the issuer's Class A Common Stock and Series B Cumulative Preferred Stock. The amendment restates prior filings and records the reporting person’s ownership as zero as of the filing date.
FAT Brands, Inc. Amendment No. 2 to a Schedule 13G/A reports that Muhammad Asif Seemab has sold his entire position in the issuer's Class A Common Stock and Series B Cumulative Preferred Stock. The amendment restates prior filings and records the reporting person’s ownership as zero as of the filing date.
Fat Brands, Inc. notifies that certain classes of its securities have been removed from listing and/or registration on the Nasdaq Stock Market LLC.
The Form 25 filing names Common Stock, Class B Common Stock and 8.25% Series B Cumulative Preferred Stock as the affected classes and cites compliance with 17 CFR 240.12d2-2.
Fat Brands, Inc. notifies that certain classes of its securities have been removed from listing and/or registration on the Nasdaq Stock Market LLC.
The Form 25 filing names Common Stock, Class B Common Stock and 8.25% Series B Cumulative Preferred Stock as the affected classes and cites compliance with 17 CFR 240.12d2-2.
FAT Brands Inc. and subsidiary Twin Hospitality Group Inc., which are in voluntary chapter 11 proceedings, appointed Keshav Lall as interim Chief Executive Officer effective April 29, 2026. He also became interim CEO of certain other direct and indirect subsidiaries.
Lall is a founding partner at advisory firm Uzzi & Lall and has extensive restructuring experience, including prior roles as Chief Restructuring Officer for multiple debtors. His services are provided under an Engagement Letter between FAT Brands and Uzzi & Lall dated April 26, 2026, which grants Uzzi & Lall compensation of $100,000 per month. The filing notes no family relationships or related-party transactions requiring disclosure.
FAT Brands Inc. and subsidiary Twin Hospitality Group Inc., which are in voluntary chapter 11 proceedings, appointed Keshav Lall as interim Chief Executive Officer effective April 29, 2026. He also became interim CEO of certain other direct and indirect subsidiaries.
Lall is a founding partner at advisory firm Uzzi & Lall and has extensive restructuring experience, including prior roles as Chief Restructuring Officer for multiple debtors. His services are provided under an Engagement Letter between FAT Brands and Uzzi & Lall dated April 26, 2026, which grants Uzzi & Lall compensation of $100,000 per month. The filing notes no family relationships or related-party transactions requiring disclosure.
FAT Brands Inc. and Twin Hospitality Group Inc. detail major restructuring steps taken during ongoing chapter 11 proceedings. The companies entered an amended stipulation that sends Executive Andrew Wiederhorn on a temporary leave, terminates his existing employment agreements and provides for up to $5.0 million in aggregate payments to him, funded through new debtor‑in‑possession (DIP) facilities.
The stipulation also ends the employment of three Wiederhorn family executives and reduces each board to two independent directors, Patrick Bartels and Neal Goldman, after the resignation of all other directors. Separately, the debtors executed a Debtor‑In‑Possession Credit Agreement providing two superpriority term loan DIP facilities with combined capacity of about $307.6 million at 12.0% interest, including both new money and roll‑up loans, to fund operations and a court‑supervised sale process while in chapter 11.
FAT Brands Inc. and Twin Hospitality Group Inc. detail major restructuring steps taken during ongoing chapter 11 proceedings. The companies entered an amended stipulation that sends Executive Andrew Wiederhorn on a temporary leave, terminates his existing employment agreements and provides for up to $5.0 million in aggregate payments to him, funded through new debtor‑in‑possession (DIP) facilities.
The stipulation also ends the employment of three Wiederhorn family executives and reduces each board to two independent directors, Patrick Bartels and Neal Goldman, after the resignation of all other directors. Separately, the debtors executed a Debtor‑In‑Possession Credit Agreement providing two superpriority term loan DIP facilities with combined capacity of about $307.6 million at 12.0% interest, including both new money and roll‑up loans, to fund operations and a court‑supervised sale process while in chapter 11.
FAT Brands, Inc. shareholder Muhammad Asif Seemab filed an amended Schedule 13G reporting increased ownership of the company’s Class A common stock. He beneficially owns 1,462,409 common shares, representing 8.8% of the class, based on 16,668,520 shares outstanding as of November 7, 2025.
The amendment reflects additional common shares acquired after a prior filing made on November 26, 2025. Seemab also holds 382,155 shares of Series B Cumulative Preferred Stock. Because FAT Brands is in default on ten monthly preferred dividends, below the 18-month threshold, these preferred shares currently have no voting rights.
The filing states that the securities were not acquired for the purpose of changing or influencing control of FAT Brands and are not held as part of any control-related group or transaction.
FAT Brands, Inc. shareholder Muhammad Asif Seemab filed an amended Schedule 13G reporting increased ownership of the company’s Class A common stock. He beneficially owns 1,462,409 common shares, representing 8.8% of the class, based on 16,668,520 shares outstanding as of November 7, 2025.
The amendment reflects additional common shares acquired after a prior filing made on November 26, 2025. Seemab also holds 382,155 shares of Series B Cumulative Preferred Stock. Because FAT Brands is in default on ten monthly preferred dividends, below the 18-month threshold, these preferred shares currently have no voting rights.
The filing states that the securities were not acquired for the purpose of changing or influencing control of FAT Brands and are not held as part of any control-related group or transaction.
HOT GFG LLC, a 10% owner of FAT Brands, Inc., reported selling 1,794,766 shares of Class A common stock on January 30, 2026. The sale was executed at a weighted average price of $0.2707 per share, through multiple trades between $0.2577 and $0.3001 per share.
After this transaction, the reporting persons no longer held any Class A common stock but continued to directly own 1,544,623 shares of Series B Cumulative Preferred Stock.
HOT GFG LLC, a 10% owner of FAT Brands, Inc., reported selling 1,794,766 shares of Class A common stock on January 30, 2026. The sale was executed at a weighted average price of $0.2707 per share, through multiple trades between $0.2577 and $0.3001 per share.
After this transaction, the reporting persons no longer held any Class A common stock but continued to directly own 1,544,623 shares of Series B Cumulative Preferred Stock.
FAT Brands Inc. and all its subsidiaries have commenced voluntary Chapter 11 bankruptcy cases in the U.S. Bankruptcy Court for the Southern District of Texas and are continuing to operate as debtors-in-possession while seeking “first day” relief to support ongoing operations. The filing triggers events of default under multiple debt instruments, including approximately $110 million of FB Resid Holding I, LLC secured notes, $201 million of FAT Brands Royalty I, LLC secured notes, $410 million of FAT Brands GFG Royalty I, LLC secured notes, $140 million of FAT Brands Fazoli’s Native I, LLC secured notes and other loans and equipment financings. The company cautions that trading in its securities is highly speculative and that holders of its common shares could suffer a complete or significant loss depending on the outcome of the Chapter 11 process.
The Board expanded from 14 to 15 members and appointed two independent restructuring directors, Patrick Bartels and Neal Goldman, who will also serve as a special committee overseeing restructuring matters, each receiving $40,000 per month plus a potential $7,500 per-diem fee in certain situations. The Board also appointed John DiDonato of Huron as Chief Restructuring Officer and Abhimanyu Gupta of Huron as Deputy Chief Restructuring Officer to lead the restructuring efforts.
FAT Brands Inc. and all its subsidiaries have commenced voluntary Chapter 11 bankruptcy cases in the U.S. Bankruptcy Court for the Southern District of Texas and are continuing to operate as debtors-in-possession while seeking “first day” relief to support ongoing operations. The filing triggers events of default under multiple debt instruments, including approximately $110 million of FB Resid Holding I, LLC secured notes, $201 million of FAT Brands Royalty I, LLC secured notes, $410 million of FAT Brands GFG Royalty I, LLC secured notes, $140 million of FAT Brands Fazoli’s Native I, LLC secured notes and other loans and equipment financings. The company cautions that trading in its securities is highly speculative and that holders of its common shares could suffer a complete or significant loss depending on the outcome of the Chapter 11 process.
The Board expanded from 14 to 15 members and appointed two independent restructuring directors, Patrick Bartels and Neal Goldman, who will also serve as a special committee overseeing restructuring matters, each receiving $40,000 per month plus a potential $7,500 per-diem fee in certain situations. The Board also appointed John DiDonato of Huron as Chief Restructuring Officer and Abhimanyu Gupta of Huron as Deputy Chief Restructuring Officer to lead the restructuring efforts.