Borealis Foods Inc. (BRLS): debt financing — Borealis enters forbearance with Frontwell; appoints CRO; warns of going concern risk

Borealis Foods Inc.

Outstanding obligations of at least $16.1M as of March 25, 2026; defaults include $26.7M in unauthorized unsecured notes.
Forbearance until April 27, 2026; interest rate increased by 2% to default rate; $50K forbearance fee.
Jeffrey T. Varsalone appointed Chief Restructuring Officer on March 30 with authority exceeding CEO's; must deliver refinancing plan by April 9.
Blocked Notes held by Chairman Barthelemy Helg, CEO Reza Soltanzadeh's entities, and former SPAC sponsor Oxus Capital.
Company evaluating strategic alternatives but cannot assure going concern; failure to meet milestones triggers immediate default.

item 1.01 item 5.02 item 2.04 item 8.01 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

Borealis Foods Inc. amended term loan with Frontwell Capital Partners Inc. at Applicable Margin of 6.75% per annum for the Term Loan.

Instrument: term loan
Counterparty: Frontwell Capital Partners Inc.
Rate: Applicable Margin of 6.75% per annum for the Term Loan
Event: amendment

Exact text from the filing

increases the Applicable Margin for the Term Loan from 4.75% per annum to 6.75% per annum

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

Borealis Foods Inc. amended revolving credit of $16,116,215.30 with Frontwell Capital Partners Inc. at Applicable Margin of 6.50% per annum for Revolving Loans bearing interest at the.

Instrument: revolving credit
Principal: $16,116,215.30
Counterparty: Frontwell Capital Partners Inc.
Rate: Applicable Margin of 6.50% per annum for Revolving Loans bearing interest at the
Event: amendment

Exact text from the filing

and warranties under the Credit Agreement. Outstanding Obligations. As of March 25, 2026, the aggregate outstanding Obligations under the Credit Agreement were no less than $16,116,215.30, plus all accrued and unpaid interest, fees and other costs and expenses then outstanding. Forbearance. Subject to the terms and conditions of the Forbearance Agreement, the

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Borealis Foods Inc. amended Forbearance and Amendment Agreement with Frontwell Capital Partners Inc. (effective 2026-03-27).

Action: amendment
Agreement: credit facility
Counterparty: Frontwell Capital Partners Inc.
Effective: 2026-03-27

Exact text from the filing

On March 27, 2026, Borealis Foods Inc. (the “ Company ”), together with its wholly owned subsidiaries party thereto (collectively with the Company, the “ Loan Parties ”), entered into a Forbearance and Amendment Agreement (the “ Forbearance Agreement ”) with Frontwell Capital Partners Inc. (the “ Lender ”), in connection with the Credit Agreement, dated as of August 10, 2023 (as amended, supplemented or otherwise modified from time to time prior to the date thereof, the “ Credit Agreement ”), by and among the Loan Parties and the Lender.

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102 debt financings filed in the last 30 days. Browse all debt financings →

Borealis Foods Inc. filing history →

Source: SEC EDGAR

accession 0001213900-26-039351

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