Overview
- The Dallas-based company commenced voluntary proceedings in the Southern District of Texas and says restaurants will operate normally.
- CEO Andy Wiederhorn says the restructuring targets balance-sheet deleveraging to safeguard the brands and support future expansion.
- Fat Brands, the corporate parent, also filed for Chapter 11 protection in the same court.
- Advisers named include Latham & Watkins (legal), GLC Advisors (investment banking), Huron Consulting (financial), and Omni Agent Solutions (claims), with shares expected to trade on NASDAQ with a “Q” suffix.
- The first hearing is scheduled for Jan. 28, and filings reported by media place assets and liabilities in the $1 billion to $10 billion range.