Twin Hospitality Group Inc. (NASDAQ: TWNP) announced that Andy Wiederhorn will take the helm as chief executive officer, effective December 29, 2025, after the termination of former CEO Kim Boerema. The change follows a rapid succession of leadership moves that began with Boerema’s appointment in May 2025 and reflects the board’s urgency to stabilize the company’s finances and operations.
Wiederhorn has served as Twin Hospitality’s chairman of the board since August 2025 and was a key architect of the company’s spin‑off from FAT Brands in January 2025. His prior experience as CEO of FAT Brands, a restaurant conglomerate with a $1.2 billion debt load, gives him a deep understanding of the industry’s capital structure challenges and a network of relationships that could aid in debt negotiations and franchise expansion.
Twin Hospitality’s balance sheet is in distress. The company faces a $412.3 million defaulted securitization note burden that was accelerated in November 2025, a negative working capital position of roughly $420 million (current liabilities exceed current assets by that amount, reflected in a current ratio of 0.06), and only $5.5 million in unrestricted cash. The company’s trailing‑12‑month net loss of $69.38 million, compared with a $48.17 million loss for FY 2024, underscores the severity of its liquidity crunch.
Wiederhorn’s mandate is to negotiate a comprehensive debt restructuring, streamline operations, and launch a franchise‑first growth strategy that could generate recurring royalty revenue once the balance sheet is stabilized. The company has already announced plans to acquire eight Twin Peaks franchised restaurants in Florida for approximately $47 million, a move that is expected to close in Q1 2026 and could provide a modest boost to revenue and EBITDA if the acquisition is completed on schedule.
In a statement, Wiederhorn emphasized that the company’s immediate priorities are “streamlining operations, enhancing the guest experience, and restructuring debt to strengthen the company for long‑term success.” He added that the board’s confidence in his experience and the company’s franchise model will be critical to navigating the current financial headwinds and positioning Twin Hospitality for sustainable profitability.
The appointment signals a high‑stakes turnaround effort. If the company can secure new financing or successfully negotiate a debt restructuring, it may avoid bankruptcy and resume growth. However, the current liquidity position and the magnitude of the defaulted debt create a significant risk that the company could default on additional obligations, potentially leading to a Chapter 11 filing if a restructuring plan cannot be agreed upon in a timely manner.
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