Borealis Foods Obtains Forbearance From Frontwell to Apr 27 as $16.1M Debt Accrues at Default Rate
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Borealis Foods has entered into a Forbearance and Amendment Agreement with Frontwell to address defaults under its 2023 Credit Agreement. The agreement allows forbearance until April 27, 2026, with interest accruing at a default rate and increased margins. Borealis must meet specific milestones, including appointing a Chief Restructuring Officer and presenting a refinancing plan by April 9. Payments on $26.7 million of unsecured related-party notes are blocked during this period.
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