Bankruptcy court approves global settlement; FAT Brands to sell assets via credit bid and liquidate

Twin Hospitality Group Inc.

Bankruptcy Court entered Settlement Order and Final DIP Order on May 19, 2026, approving global settlement among debtors, WBS Ad Hoc Group, Resid Noteholders, and Committee.
WBS Ad Hoc Group will credit bid for substantially all assets; alternative sales include Hot Dog on a Stick and Elevation Burger.
$445.9M of Prepetition Secured Obligations not used in credit bids will be allowed as general unsecured claims.
Debtors must file a Chapter 11 plan of liquidation by May 22, 2026, reflecting settlement terms.
Certain pending litigation (Committee standing motion, Resid adversary proceeding) to be dismissed with prejudice after credit bid closings.

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