White & Case represents ad hoc group of whole business securitization noteholders in FAT Brands’ chapter 11 restructuring

Global law firm White & Case LLP has represented an ad hoc group of whole business securitization noteholders ("the Ad Hoc Group") holding approximately US$1 billion of the US$1.4 billion in outstanding whole business securitization notes issued by FAT Brands in the chapter 11 restructuring of FAT Brands in the US Bankruptcy Court for the Southern District of Texas.

Acting for the Ad Hoc Group, White & Case pursued and negotiated (i) the removal of FAT Brands founder and CEO Andy Wiederhorn and (ii) an agreement with the Official Committee of Unsecured Creditors, which avoided costly litigation and provided a path for the restructuring. The Ad Hoc Group ultimately acquired substantially all of FAT Brands' operating assets through a bankruptcy sale process, which included the restaurant brands, franchise systems, royalty streams and related intellectual property.

The White & Case team navigated the complexity of consolidating four separate securitization structures into two combined go-forward businesses and advised on the recapitalization of the acquisition entities through the issuance of new securitization debt, enabling the Ad Hoc Group to both acquire assets and establish new debt instruments designed to maximize recoveries.

The White & Case team was led by partners Brian Pfeiffer, Amanda Parra Criste (both in Miami) and David Thatch (New York). The team also included partners Kathrin Schwesinger, Andrew Zatz (both in New York) and Jason Zakia (Chicago); and associates Ashley Chase, Peter Strom, Loredana Miranda (all in New York), Adam Swingle and Clint Simkins (both in Chicago).

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