Franchisee Resource Center

Enliven is an independent consulting company that specializes in negotiating and managing beverage pouring rights agreements. We work with our clients (restaurant groups, hospital systems, airports, c-stores, theme parks and more) to negotiate favorable terms with beverage suppliers and manage the rebate programs that result from those agreements.

Since 2020, Enliven has served as the rebate programs administrator for FAT Brands’ PepsiCo and Keurig Dr Pepper beverage agreements. We were engaged by FAT Brands to negotiate favorable terms with beverage suppliers and to manage the calculation and distribution of rebate payments to franchisees.

On January 26, 2026, FAT Brands Inc. and its subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (Case No. 26-90126). Chapter 11 is a reorganization process that allows a company to continue operating while it restructures its debts under court supervision.

The bankruptcy filing may affect the timing of rebate payments, both currently due and payable in the future. Bankruptcy proceedings determine how financial obligations are handled. This process is managed through legal and court-supervised procedures. Timing and outcomes are determined within that process.

No. Enliven does not control the timing or availability of rebate funds. The delays are attributable to FAT Brands’ financial situation and the constraints of the Chapter 11 bankruptcy process. As a pass-through administrator, our consistent practice has been — and continues to be — distributing funds to franchisees within 24–48 hours of receiving them from FAT Brands.

As part of the Chapter 11 process, FAT Brands’ assets are being sold through a court-supervised auction. The auction was held on April 27, 2026, and four successful bidders were identified:

• FBG Bid Co. — substantially all FAT Brands assets, including Round Table Pizza
• TWNPKS Bid Co. — Twin Peaks
• TABCO International Food Catering K.S.C.C. — Elevation Burger
• Amazing Brands, LLC — Hot Dog on a Stick

The sales remain subject to approval by the U.S. Bankruptcy Court at the Sale Hearing.

What happens to the beverage rebate program depends on which contracts each buyer chooses to assume and assign as part of the sale, and on the terms approved by the bankruptcy court.

Enliven is actively engaged with the parties involved in the sale process to advocate for continuity of the beverage rebate program for franchisees. We will share updates here as the transition becomes clearer.

Yes. On April 23, 2026, Enliven’s bankruptcy counsel sent a letter to FAT Brands’ counsel and other interested parties in the Chapter 11 proceedings raising the issue of how reconciled rebate balances owed to franchisees should be treated within the cure cost process associated with the sale.

The letter was informational in nature, intended to ensure that the issue was visible to the relevant parties — including the Official Committee of Unsecured Creditors and the ad hoc franchisee group — before the cure objection deadline.

We are currently unable to provide exact timing as the bankruptcy proceedings will determine how financial obligations are handled. As soon as funds are made available to Enliven, we will distribute them within 24–48 hours.

We intend to update this resource center as new information becomes available. We encourage you to check back for further updates.