Fat Brands’ bank turns up the heat

Core Insights - Fat Brands faces significant financial pressure as its bank declared approximately $169 million of its debt payable in full due to a default earlier this year [1][2] - The company is struggling with over $1 billion in debt, which has intensified after creditors called in loans, leading to concerns about liquidity and potential bankruptcy [3] - The debt was primarily accrued through acquisitions since 2019, and the company has taken steps such as spinning off Twin Hospitality to manage its financial obligations [3] Debt Situation - The recent declaration of debt applies to FB Resid, a subsidiary of Fat Brands, which currently lacks the funds to meet its principal and interest payments [2] - This situation may adversely affect the financial condition and liquidity of both FB Resid and Fat Brands as a whole [2] Management Changes - James Ellis, a board member of Twin Hospitality, announced his departure for personal reasons, which is not related to the company's operations or policies [4]