Overview
- Debtors obtained court approval to market and sell all, substantially all, or any portion of FAT Brands’ assets and restaurant brands through a competitive bidding process.
- Key dates were set: April 3 for indications of interest and stalking-horse bids, April 28 for the auction, and May 4 as the targeted closing.
- At least 120 potential buyers have been contacted, and a special committee is overseeing the sale to promote fairness and transparency.
- CEO Andrew Wiederhorn is restricted from accessing non-public bid information except for any bid he submits, as creditors press for a breakup of the portfolio.
- Operations are expected to continue across more than 2,200 locations during Chapter 11, with shares delisted from Nasdaq to trade over the counter after the January 26 filing and a prior $1.26 billion debt demand.