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S.M.F. Group and its affiliates requested authority to obtain up to $6.5 million of superpriority secured DIP financing from FHGRF LLC under their Proposed DIP Financing ReliefDkt. 19. The interim revolver would provide up to $1.5 million of new money, plus a discretionary $800,000 increase, while each interim advance would automatically roll up and refinance prepetition secured obligations at twice the funded amount.
The debtors say the facility is needed to keep their restaurant operations running and pursue recovery of more than $5.9 million of card-receivable holdbacks while payment processors and merchant-cash-advance funders are restrained from redirecting proceeds. Final financing would unlock additional revolving availability after required remittances of holdback amounts, making the DIP terms and the treatment of FHGRF’s prepetition debt the immediate financing fulcrum for the case.
S.M.F. Group Inc. is a New York-based restaurant holding company within the Fireman Group, an affiliated portfolio founded by restaurateur Sheldon “Shelly” Fireman. From headquarters at 810 Seventh Avenue, the group operates nine full-service restaurants in New York City and Washington, D.C., including Café Fiorello, Trattoria Dell’Arte, Bond 45, Paris Bar, Brooklyn Diner and Café Paradiso. Its more than 800 employees serve Italian, American grill and elevated diner fare near Lincoln Center, Carnegie Hall and the Theater District.