Chicken Soup for the Soul enters forbearance agreement; seeks $175M working capital to avoid default

Chicken Soup for the Soul Entertainment, Inc.

Company in default on $500.9M credit facility; forbearance until June 6, 2024, extendable to Sept 30 if $75M paydown made.
Must raise $175M by June 6 via sublicensing video content and sale-leaseback transactions.
Board expanded from 9 to 11; John T. Young Jr. and Robert H. Warshauer appointed as independent directors effective May 3, 2024.
Specified defaults include missed interest payments (Feb 15, Mar 20, 2024) and going concern qualification in audited financials.
If fundraising fails, company may seek bankruptcy protection.

item 1.01 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Robert H. Warshauer

Director

Chicken Soup for the Soul Entertainment, Inc.

Effective: 2024-05-03
Filed: May 3, 2024, 7:59 PM ET

appointed each of John T. Young, Jr., and Robert H. Warshauer to the Company’s board of directors, effective as of May 3, 2024.

Appointed

John T. Young, Jr.

Director

Chicken Soup for the Soul Entertainment, Inc.

Effective: 2024-05-03
Filed: May 3, 2024, 7:59 PM ET

appointed each of John T. Young, Jr., and Robert H. Warshauer to the Company’s board of directors, effective as of May 3, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Robert H. Warshauer was appointed as Director at Chicken Soup for the Soul Entertainment, Inc..

Action: appointed
Role: Director

Exact text from the filing

appointed each of John T. Young, Jr., and Robert H. Warshauer to the Company’s board of directors, effective as of May 3, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

John T. Young, Jr. was appointed as Director at Chicken Soup for the Soul Entertainment, Inc..

Action: appointed
Role: Director

Exact text from the filing

appointed each of John T. Young, Jr., and Robert H. Warshauer to the Company’s board of directors, effective as of May 3, 2024.

View on SEC.gov

Source: SEC EDGAR

accession 0001104659-24-056705

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