Arena Group Holdings, Inc. (AREN): debt financing — Arena Group defaults on $2.8M interest, misses $3.75M ABG payment; CEO resigns

Arena Group Holdings, Inc.

Missed Dec 29, 2023 interest payment of ~$2.797M on RGPL Notes ($110.7M principal); forbearance obtained through March 29, 2024.
Cross-default triggered on SLR Digital Finance credit facility with ~$19.6M principal.
CEO Manoj Bhargava resigned Jan 4, 2024; Jason Frankl (FTI) appointed Chief Business Transformation Officer.
Missed $3.75M quarterly payment to Authentic Brands Group on Jan 2; ABG issued breach notice, threatens termination of Sports Illustrated license.

item 2.04 item 8.01 item 5.02

Executive movements

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

Departed (interim)

Manoj Bhargava

interim Chief Executive Officer

AREN · Arena Group Holdings, Inc.

Effective: 2024-01-04
Filed: January 5, 2024, 6:59 PM ET

On January 4, 2024, the Board of Directors of the Company (the “Board”) accepted the resignation of Manoj Bhargava from his position as interim Chief Executive Officer effective immediately.

Appointed

Jason Frankl

Chief Business Transformation Officer

AREN · Arena Group Holdings, Inc.

Filed: January 5, 2024, 6:59 PM ET

As of part of it, Jason Frankl, a senior managing director of FTI, was appointed as the Company’s Chief Business Transformation Officer.

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

Arena Group Holdings, Inc. reported a default on credit facility of approximately $19,609,000 with SLR Digital Finance LLC.

Instrument: credit facility
Principal: approximately $19,609,000
Counterparty: SLR Digital Finance LLC
Event: default

Exact text from the filing

of cross-default with SLR Digital Finance LLC (“SLR”). The Company is in discussion with SLR. The principal amount due under the credit facility with SLR was approximately $ 19,609,000 as of December 31, 2023.

View on SEC.gov

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

Arena Group Holdings, Inc. reported a default on senior notes of approximately $110,691,000 with Renew Group Private Limited.

Instrument: senior notes
Principal: approximately $110,691,000
Counterparty: Renew Group Private Limited
Event: default

Exact text from the filing

Renew Group Private Limited (“RGPL” and the “RGPL Notes” respectively) in the amount of approximately $2,797,000. The outstanding principal on the RGPL Notes was approximately $110,691,000 as of December 31, 2023. This created an event of default under the RGPL Notes (the “RGPL Default”). The Company is currently in discussions with RGPL to restructure and/or amend

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Manoj Bhargava resigned as interim Chief Executive Officer at Arena Group Holdings, Inc..

Action: resigned
Role: interim Chief Executive Officer

Exact text from the filing

On January 4, 2024, the Board of Directors of the Company (the “Board”) accepted the resignation of Manoj Bhargava from his position as interim Chief Executive Officer effective immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jason Frankl was appointed as Chief Business Transformation Officer at Arena Group Holdings, Inc..

Action: appointed
Role: Chief Business Transformation Officer

Exact text from the filing

As of part of it, Jason Frankl, a senior managing director of FTI, was appointed as the Company’s Chief Business Transformation Officer.

View on SEC.gov

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

Arena Group Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-001619

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