Wondering why stuff is still in the long closed FatBurger?
Two Fatburger subsidiaries of Fog Cutter Capital Group Inc. have filed for Chapter 11 Bankruptcy protection.
According to an SEC report, Fatburger Restaurants of California, Inc. and Fatburger Restaurants of Nevada, Inc. declared bankruptcy after GE Capital Business Asset Funding Corp. notified them that they risked a breach of contract unless they made payments by April 7 relating to $3.85 million worth of loans. Fatburger said it will seek to restructure the loans during bankruptcy proceedings. - Bizjournals
In these hard economic times we are seeing more and more how it affects the restaurant industry. Today, two Fatburger subsidiaries have filed for Chapter 11. Fatburger Restaurants of California and Fatburger Restaurants of Nevada have filed for reorganization in U.S. Bankruptcy Court yesterday. - FoodieinDisguise.com