Twin Hospitality Group Inc. 8-K

What Happened
Twin Hospitality Group Inc. (TWNP) and related FAT Brands entities filed voluntary Chapter 11 bankruptcy cases in the U.S. Bankruptcy Court for the Southern District of Texas on January 26, 2026. The Debtors are seeking joint administration under "In re FAT Brands Inc., et al." and will continue operating as debtors-in-possession while pursuing “first day” relief; a hearing was noticed for January 28, 2026. The filing constitutes an event of default and accelerates certain debt obligations, though enforcement is subject to the automatic stay under the Bankruptcy Code. The company also appointed John DiDonato as Chief Restructuring Officer and Abhimanyu Gupta as Deputy CRO, and the Board added two independent restructuring directors, Patrick Bartels and Neal Goldman.

Key Details

• Petition date: January 26, 2026; joint cases captioned “In re FAT Brands Inc., et al.” in the Southern District of Texas.
• Material debt impacted: ~ $403 million outstanding Secured Notes of Twin Hospitality I, LLC (per the Twin Indenture) and ~ $4 million under equipment financing agreements. Prior notice of acceleration was given November 17, 2025.
• Governance and restructuring team: John DiDonato (CRO) and Abhimanyu Gupta (Deputy CRO) from Huron; Board added Patrick Bartels and Neal Goldman as independent restructuring directors.
• Director compensation: each independent restructuring director to receive $40,000 per month, $7,500 per diem in certain circumstances, plus expense reimbursement.

Why It Matters
The Chapter 11 filing is the most material near-term development: it stops creditors from enforcing claims immediately (automatic stay) and places the company in a formal court-supervised restructuring process. The acceleration of significant secured debt highlights the company’s financial distress, and the appointments of a CRO and independent restructuring directors signal active efforts to restructure liabilities and operations. For investors, the filing means trading is highly speculative, recovery for common shareholders is uncertain and could be minimal or nil depending on the outcome of the Chapter 11 cases.