IGNITE RESTAURANT GROUP, INC. (NASDAQ:IRG) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
As previously disclosed in the Annual Report on Form 10-K filed by Ignite Restaurant Group, Inc. (the “Company”) with the Securities and Exchange Commission, on March 31, 2017, the Company entered into a forbearance agreement with certain of the lenders and the Administrative Agent (collectively, the “Forbearing Lenders”) under the Company’s senior secured credit facility entered into on August 13, 2014 (the “2014 Credit Facility”), whereby the Forbearing Lenders agreed to, among other things, forbear from taking any action to enforce certain of their rights or remedies under the Credit and Security Agreement, dated as of August 13, 2014, (the “2014 Credit Agreement”) with respect to certain defaults, events of default, and anticipated events of default (the “Forbearance Agreement”). As previously disclosed in the Company’s Current Report on Form 8-K (filed on May 11, 2017), the Company and the Forbearing Lenders entered into a first amendment to the Forbearance Agreement on May 8, 2017.
On May 22, 2017, the Company and the Forbearing Lenders entered into a second amendment to the Forbearance Agreement (the “Second Amendment”). to the Second Amendment, the Forbearing Lenders (i) extended the forbearance period to the earlier to occur of either (x) June 6, 2017 or (y) the occurrence of any forbearance default; (ii) agreed that the amount outstanding under the 2014 Credit Agreement is equal to at least $133,250,569.16 and the amount outstanding under the letters of credit is at least $12,050,000; and (iii) confirmed that, except as expressly set forth in the Second Amendment, the Second Amendment shall not constitute a waiver of any default, event of default or forbearance default or modify any provision of the Forbearance Agreement, the 2014 Credit Agreement or any other loan document.
A copy of the Second Amendment is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the Second Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Amendment.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
10.1 Second Amendment to Forbearance Agreement, dated as of May 22, 2017.
About IGNITE RESTAURANT GROUP, INC. (NASDAQ:IRG)
Ignite Restaurant Group, Inc. is a diversified restaurant company. The Company operates a portfolio of two restaurant brands, including Joe’s Crab Shack (Joe’s) and Brick House Tavern + Tap (Brick House). The Company manages its restaurant brands, Joe’s and Brick House, as operating segments. Joe’s and Brick House operate in a set of markets across the United States. As of June 27, 2016, it operated127 Joe’s restaurants and 26 Brick House restaurants in 33 states within the United States and franchised one Joe’s restaurant in Dubai, the United Arab Emirates (U.A.E). Joe’s restaurants’ menus include the Steampots and Buckets of Crab categories, which allow guests to choose between seasonal varieties of crab (Queen, Snow, Dungeness and King) and whole lobster. As of December 28, 2015, Brick House’s menu included 13 appetizers; 38 entrees; a Meatball category, including Greek, buffalo chicken and drunken pork varieties; seasonal daily specials; brunch; dessert, and specialty cocktails. IGNITE RESTAURANT GROUP, INC. (NASDAQ:IRG) Recent Trading Information
IGNITE RESTAURANT GROUP, INC. (NASDAQ:IRG) closed its last trading session down -0.0089 at 0.0151 with 194,868 shares trading hands.