A group of debt holders agreed to waive some covenants in Franchise Group’s (FRG) credit agreement while tightening other protections for lenders, giving its managers a short reprieve to work out a plan for its $1.5B debt load, Shah and Eliza Ronalds-Hannon of Bloomberg report, citing people familiar with the matter. The amendment requires the creation of a special committee with two independent directors who can negotiate that restructuring, the sources said. B. Riley Financial (RILY) has an investment in Franchise Group.
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