Twin Hospitality Group Files for Voluntary Chapter 11 Bankruptcy
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3d ago
0mins
Source: Yahoo Finance
- Voluntary Bankruptcy Filing: Twin Hospitality Group Inc. has filed for voluntary Chapter 11 bankruptcy in the Southern District of Texas, aiming to deleverage its balance sheet to maximize stakeholder value and support ongoing brand growth.
- Continued Brand Operations: Despite entering bankruptcy proceedings, Twin Peaks and Smokey Bones restaurants will remain open and operational, ensuring that customer experiences are unaffected while maintaining relationships with franchise partners.
- Enhanced Financial Flexibility: CEO Andy Wiederhorn stated that the bankruptcy process will strengthen the company's financial flexibility, aiding in achieving strategic goals for global expansion despite the challenges of restructuring.
- Legal and Financial Advisors: The company has engaged Latham & Watkins LLP as legal counsel, GLC Advisors & Co. as investment banker, and Huron Consulting Services LLC as financial advisor to ensure a smooth bankruptcy process and protect stakeholder interests.
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About TWNP
Twin Hospitality Group Inc. is a franchisor and operator of two specialty casual dining restaurant concepts: Twin Peaks and Smokey Bones. It has a total restaurant footprint consists of over 172 restaurants, of which 74 are domestic franchised Twin Peaks restaurants operated by its franchisee partners, seven are international franchised Twin Peaks restaurants operated by a franchisee partner in Mexico, 33 are domestic Company-owned Twin Peaks restaurants, and 58 are domestic Company-owned Smokey Bones restaurants. Its Twin Peaks restaurants feature a selection of menu items, providing guests with a range of gastropub-style all-American comfort food suitable for various taste preferences. Smokey Bones is a full-service, meat-centric restaurant brand and concept specializing in ribs and a variety of other slow-smoked, fire-grilled, or seared meats, along with a full bar featuring a selection of domestic, imported and local craft beers, and signature handcrafted cocktails.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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