HG Holdings' advisory agreement with FedNat rejected in bankruptcy court

HG Holdings, Inc.

Court order granted on Jan 26, 2023 to reject the Advisory Services Agreement with FedNat Underwriters.
Agreement deemed rejected as of Dec 12, 2022, following FedNat's Chapter 11 filing on Dec 11, 2022.
HG Holdings will no longer earn compensation for the remaining duration of the agreement.
Company is exploring measures to recover any lost compensation.

Key facts

Extracted from this filing and checked against the source text.

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

HG Holdings, Inc. terminated Advisory Services Agreement with HG Managing Agency, LLC and FedNat Underwriters, Inc. (effective 2022-12-12).

Action: termination
Counterparty: HG Managing Agency, LLC and FedNat Underwriters, Inc.
Effective: 2022-12-12

Exact text from the filing

Lauderdale Division, entered an order (the “ Order ”) granting a motion from the debtors (including FNU, as defined below) pursuant to Section 365(a) of the Bankruptcy Code authorizing such debtors to reject that certain Management Advisory Services Agreement dated and effective as of July 1, 2022 (the “ Advisory Services Agreement ”) between a wholly-owned subsidiary of HG Holdings, Inc.

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HG Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-002379

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