BurgerFi International, Inc.: going-concern / distress — BurgerFi gets court approval for asset sales to TREW Capital; CEO Bachman departs

BurgerFi International, Inc.

Court approved sale of Anthony's Coal Fired Pizza assets for $44M credit bid and BurgerFi assets for $10M credit bid to TREW Capital.
Sales closed on Nov 15 (Anthony's) and Nov 27 (BurgerFi), fully satisfying DIP financing obligations.
CEO Carl Bachman departed Nov 15 to join the Anthony's purchaser; no disagreement with company.
Company will modify SEC reporting to file monthly operating reports via 8-K instead of periodic reports.
Debtors filed Schedules of Assets and Liabilities on Nov 14; company cautions against reliance.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

BurgerFi International, Inc. entered chapter 11 in United States Bankruptcy Court for the District Court of Delaware (petition 2024-09-11).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District Court of Delaware
Petition: 2024-09-11

Exact text from the filing

on September 11, 2024, BurgerFi International, Inc. (the “ Company ”) and 114 direct or indirect subsidiaries (collectively with the Company, the “ Debtors ”) filed voluntary petitions for relief under chapter 11 of Title 11 of the United States Code (the “ Bankruptcy Code ”) in the United States Bankruptcy Court for the District Court of Delaware (the “ Court ”).

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Source: SEC EDGAR

accession 0001104659-24-124385

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