Lenders to FAT Brands Inc. submitted winning bids to take over most of the bankrupt restaurant chain owner’s brands in exchange for existing debt, while the company landed $10.5 million in cash deals for two of its restaurant concepts.
A group of FAT Brands lenders, which provided the operator with a $46 million new money loan while in bankruptcy, was announced Tuesday as the auction winner for substantially all of the company’s brand assets, excluding those affiliated with the Hot Dog on a Stick chain and Elevation Burger.
FAT Brands, which filed for Chapter 11 in January with about $1.45 ...