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Industry: Email Alert RSS Feed2 Fatburger subsidiaries file for Chapter 11
Nation's Restaurant News, April 20, 2009
PORTLAND, ORE. -- Two subsidiaries of the Fatburger quick-service chain filed for Chapter 11 bankruptcy protection on the day parent company Fog Cutter Capital Group faced a loan payment deadline. Fatburger Restaurants of California Inc., based in Santa Monica, Calif., and Fatburger Restaurants of Nevada Inc., based in Las Vegas, both filed for reorganization in the U.S.
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Bankruptcy Court for Central California. Fog Cutter Capital officials reportedly said the move would allow the companies, which collectively operate 32 corporate units, to renegotiate leases. According to filings with the Securities and Exchange Commission, the court action was triggered after several of the company's Fatburger subsidiaries in March received a default notice on about $3.85 million in loans owed to General Electric Capital Business Asset Funding Corp., with payments due April 7. Fatburger will attempt to restructure the loans with the reorganization.
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