Overview
- Initial court budget shows about four weeks of cash runway using cash collateral and incoming receipts unless new financing is secured.
- FAT Brands moved to reject leases for shuttered company-owned sites, including 14 Smokey Bones, two Johnny Rockets and five Yalla Mediterranean locations, while most franchised restaurants remain open.
- The proceedings include affiliates such as Twin Hospitality, with court filings listing assets and liabilities each between $1 billion and $10 billion and funded obligations reported at about $1.45 billion.
- Recent reports cite roughly $2.1 million in cash on hand at filing and a draw to cover about $400,000 in recent payroll.
- The company says the Chapter 11 process is intended to deleverage and stabilize operations across 18 brands and more than 2,200 locations worldwide.