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SBG Burger receives interim approval to access cash collateral
By Sarah Lizee
Olympia, Wash., Dec. 5 – SBG Burger Opco, LLC received interim approval to access cash collateral, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Middle District of Florida.
Proceeds will be used to fund day-to-day operating expenses, including payroll, through Dec. 12.
City National Bank of Florida and MidCap Funding Franchise Finance Trust have an interest in the collateral.
As a reminder, the debtors are subsidiaries of fast-food restaurant operator Starboard Group that control the group’s Wendy’s locations.
A further hearing is scheduled for Dec. 12.
The Coral Springs, Fla.-based companies filed bankruptcy on Nov. 14 under Chapter 11 case number 23-04797.
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