FAT Brands Lenders Want CEO Suspended Over Twin Peaks Stock Sale

Lenders to bankrupt restaurant operator FAT Brands Inc. want the chief executive officer suspended without pay over a recent stock sale for its Twin Peaks dining chain, deepening a battle for control of the company as it attempts to restructure.

Creditors holding nearly $1 billion in company notes claimed that FAT Brands CEO Andrew Wiederhorn directed the sale of 9 million shares of Twin Peaks, a Texas-based sports bar chain, without first obtaining the necessary court approval. The lender group — which includes Brigade Capital Management LP, Barclays Capital Inc. and affiliates of Bracebridge Capital — also accused Wiederhorn ...