BurgerFi to explore strategic alternatives

BurgerFi International announced several key initiatives with the goal of enhancing the company’s prospects and ensuring stable Management as the Company goes through the process of reviewing strategic alternatives. The Board of Directors of BurgerFi has formed a special committee of Directors and retained Kroll Securities as its exclusive financial advisor to support an ongoing evaluation of strategic alternatives. “We are committed to considering all potential strategic alternatives. While we are confident in the company’s current operating strategy, we are mindful of the company’s current liquidity challenges and are committed to exploring strategic alternatives that we believe would be in the best interests of the company and its stakeholders,” said David Heidecorn, a member of the Board of Directors who was recently appointed Chairman of the Board. Heidecorn, a Senior Advisor to and former Partner of L Catterton, was designated as the successor to Ophir Sternberg, who resigned all positions with the company on May 23, 2024, including as Executive Chairman of the Board, effective immediately. The company has entered into a Forbearance Agreement and Seventeenth Amendment to its existing credit facilities with TREW Capital Management Private Credit 2 LLC, pursuant to which the secured parties under the credit facilities agreed to forbear from exercising their rights under the credit documents until at least July 31, 2024. In addition, L Catterton and TREW have each agreed to lend up to $2M ($4M collectively) to assist the company during this strategic review process. To demonstrate a commitment to the company and senior management, the company has entered into separate retention agreements with its CEO, Carl Bachmann, and CFO, Christopher Jones, with a goal of ensuring steady leadership as the company proceeds with the strategic review process.