08/10/2026
After months of intense work by dozens of professionals across multiple disciplines, the FAT Brands and Twin Hospitality Chapter 11 cases reached a major milestone with the Joint Plan becoming effective on July 31, 2026, six months after the Chapter 11 filing on January 26, 2026. As Chief Restructuring Officer and financial advisor, Huron Consulting Group was honored to help lead one of the most complex restaurant sector restructurings in recent years. The process involved more than 180 debtors, approximately $1.4+ billion of funded debt, multiple whole-business securitization structures, and a broad portfolio of nationally recognized restaurant brands. The successful completion of the transactions preserved enterprise value, facilitated the transition of assets to new ownership, and positioned the brands for future success.
The outcome reflects the power of a disciplined, stakeholder-focused restructuring process. Through a combination of operational stabilization, liquidity management, negotiated settlements, court-approved sale transactions, and a comprehensive chapter 11 plan, the case moved from a highly complex capital structure challenge to an effective and implementable path forward. These efforts enabled the transfer of several iconic restaurant brands to well-capitalized owners, maintaining jobs, while creating a framework to maximize recoveries and conclude the restructuring in an orderly manner.
Congratulations to the buyers, lenders, creditors, management teams, advisors, and legal professionals whose commitment and collaboration made this result possible. Special recognition goes to the many restructuring, finance, operations, legal, and investment banking professionals who worked tirelessly throughout the process. These cases demonstrated that even the most challenging situations can achieve successful outcomes when stakeholders remain focused on preserving value, maintaining operations, and executing with discipline. We are grateful for the opportunity to have partnered with so many outstanding professionals and wish the new owners continued success as they lead these brands into their next chapter.