BurgerFi gets interim court approval of first day motions to remain operational

BurgerFi announced that it received interim court approval of its “first day” motions designed to facilitate and ensure the continued and uninterrupted operations of the company’s 144 locations, as requested. The court granted interim approval for the company to immediately access $3.5M of the debtor-in-possession financing provided by an affiliate of TREW Capital Management. The court also approved the use of the company’s existing employee benefits, cash management systems, and customer programs. With the DIP financing approved by the court, the company has the liquidity to stabilize its operations and work with its vendors and landlords to meet the standards for the BurgerFi and Anthony’s brands. As part of the financing agreement, the company intends to propose a sale process and bidding procedures for a sale with the support of its lenders. The “second day” hearing seeking final approval for the company’s requests is scheduled for October 7. The company filed its voluntary petitions on September 11 in the U.S. Bankruptcy Court for the District of Delaware in Wilmington. David Heidecorn served notice to the board of directors of his resignation as an independent member of the board of directors and as chairman of the board, effective immediately.