A California-headquartered national restaurant chain that operates Johnny Rockets, Fazoli’s, Twin Peaks and Fatburger filed for Chapter 11 business bankruptcy protection Monday in the Southern District of Texas.
FAT Brands and 184 of its affiliated companies cited about $1.45 billion of outstanding debt obligations, but claims in court documents that it has between $1 billion and $10 billion in assets.
To lead the restructuring, FAT Brands has hired Latham & Watkins as its lead legal advisors with Hunton Andrews Kurth as Texas co-counsel. Hunton AK partner Tad Davidson signed the first-day court filings in the Chapter 11 for FAT Brands.
In addition, the company has hired Steptoe as counsel for the independent directors.
FAT Brands retained GLC Advisors & Co. as its investment banker and Huron Consulting Group as its financial advisor.
Houston Bankruptcy Judge Alfredo Perez has been assigned the case.
The case is In Re: FATS Brands, No. 26-90126.