BFI - BurgerFi to Consider Strategic Alternatives | Benzinga
Designates David Heidecorn as successor to Ophir Sternberg as Chairman of the Board
Enters retention agreements with executive leadership to ensure steady leadership
FORT LAUDERDALE, Fla., May 30, 2024 (GLOBE NEWSWIRE) -- BurgerFi International, Inc. (NASDAQ:BFI, BFIIW)) ("BurgerFi" or the "Company"), owner of the high-quality, casual dining pizza brand under the name Anthony's Coal Fired Pizza & Wings ("Anthony's") and one of the nation's leading fast-casual "better burger" dining concepts through the BurgerFi brand, announced today 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, LLC (Joshua Benn; joshua.benn@kroll.com / Tel. 1 (212) 450-2840) 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. Mr. 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.
There can be no assurance, however, that the strategic review process will result in an outcome favorable to the Company or its stakeholders. The Company does not currently intend to comment further on this strategic review process and will make further announcements in accordance with its ongoing disclosure obligations and pursuant to applicable laws and regulations.
The Company has entered into a Forbearance Agreement and Seventeenth Amendment to its existing credit facilities with TREW Capital Management Private Credit ...