FLANIGANS ENTERPRISES INC (BDL): debt financing — Flanigan's Enterprises receives NYSE delisting notice for late 10-Q; also breached loan covenant

FLANIGANS ENTERPRISES INC

NYSE American notified Flanigan's of noncompliance for late filing of Q1 FY2023 Form 10-Q (due Feb 21, 2023).
As of Dec 31, 2022, Flanigan's breached Post-Distribution Fixed Charge Coverage Ratio (1.13 vs 1.15 minimum) on six institutional loans.
Institutional lender waived the Dec 31, 2022 covenant breach and related remedies; future non-compliance could accelerate debt.
Company has up to 12 months to cure filing delinquency; intends to file Form 10-Q as soon as reasonably practicable.

item 2.04 item 3.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FLANIGANS ENTERPRISES INC reported a default on loan with Institutional Lender.

Instrument: loan
Counterparty: Institutional Lender
Event: default

Exact text from the filing

In February 2023, Flanigan’s Enterprises, Inc. (the “Company” or “we”) determined that as of December 31, 2022, we did not meet the required Post-Distribution Basic Fixed Charge Coverage Ratio (the “Post-Distribution/Fixed Charge Covenant”) contained in each of our six (6) loans (the “Institutional Loans”) with our unrelated third party institutional lender (the “Institutional Lender’).

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Source: SEC EDGAR

accession 0001174947-23-000280

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