IGNITE RESTAURANT GROUP, INC. (NASDAQ:IRG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
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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 Companys 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).
On May 8, 2017, the Company and the Forbearing Lenders entered
into an amendment to Forbearance Agreement (the First Amendment).
to the First Amendment, the Forbearing Lenders (i) extended the
forbearance period to the earlier to occur of either (x) May 23,
2017 or (y) the occurrence of any forbearance default; (ii) added
an additional specified default to Annex I to the Forbearance
Agreement; (iii) agreed that the amount outstanding under the
2014 Credit Agreement is equal to at least $133,250,569 and the
amount outstanding under the letters of credit is at least
$12,050,000; and (iv) confirmed that except as expressly set
forth in the First Amendment, the First 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 First Amendment is attached hereto as Exhibit 10.1
and is incorporated herein by reference. The foregoing
description of the First Amendment does not purport to be
complete and is qualified in its entirety by reference to the
full text of the First Amendment.
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Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits.
10.1 First Amendment to Forbearance Agreement, dated as of May 8,
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 00.0000 at 0.0243 with 194,868 shares trading hands.