FBG Bid Co., a company formed by some of the bankrupt restaurant chain operator’s former bondholders, bought Round Table Pizza, Fatburger, Johnny Rockets, and others for $595 million.

Fat Brands, or at least most of what it once had been, officially has different owners.

FBG Bid Co., an entity formed by some of the former bondholders of the bankrupt company, have bought the bulk of its restaurant chains in a $595 million credit bid. The deal has officially been finalized by a U.S. bankruptcy court, FBG said in a short release on Wednesday.

The company is buying most of what Fat Brands owned, outside of Twin Peaks, Hot Dog on a Stick, and Elevation Burger.

What’s left of Fat Brands still operates several chains, including Round Table Pizza, Fatburger, Johnny Rockets, Fazoli’s, Marble Slab Creamery, Buffalo’s Café, Hurricane Grill, Pretzelmaker, Native Grill & Wings, and Ponderosa and Bonanza. The company also operates a manufacturing facility in Georgia that makes cookies and pretzels.

The deal ends a long period of uncertainty that has lasted for the better part of a year. Fat Brands’ financial problems mounted in 2025 before the company finally acknowledged last November that a bankruptcy filing was possible after the holders of the company’s bonds demanded repayment.

Fat Brands had amassed a huge amount of debt, about $1.5 billion, much of which was in the form of bonds sold to finance acquisitions of a string of restaurant chains in 2020 and 2021. The company ultimately filed for bankruptcy, and most of it was sold to lenders that exchanged debt for equity.

Fat Brands’ single, largest holding, Twin Peaks, was sold in a separate deal to bondholders, backed by a group of franchisees that are working to buy the company outright. Hot Dog on a Stick was sold to a Las Vegas company, Amazing Brands, and Elevation Burger was sold to a company out of Kuwait.

In each case, the new owners will need to put their restaurant chains on more firmer footing. Fat Brands’ same-store sales had been down each quarter for two years before it stopped reporting earnings.

And some of the brands lost marketing support, such as Round Table Pizza, after the company missed payments to key vendors.