Noble Capital analyst Joe Gomes downgraded Twin Hospitality (TWNP) to Market Perform from Outperform after Twin and parent company FAT Brands (FAT) disclosed on November 17 that they received notices of acceleration from UMB with respect to Securitization Notes. While the firm views the issue to be capital structure related, and not related to operating performance, it is unclear how the debt acceleration impacts the conversions of Smokey Bones locations into company-owned Twin Peaks and the firm expects the recently announced proposed acquisition of eight franchisee locations to be on hold.
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