Arena Group Misses Payments Due to Authentic Brands, Renew Group

Arena Group said it failed to make payments due to Renew Group and Authentic Brands, triggering defaults.

• Arena missed a $2.8m interest payment due on notes held by Renew Group and failed to make a quarterly payment of ~$3.75m due to Authentic Brands Group, the licensor for the Sports Illustrated and SI Swim brands
• Arena said it’s currently in discussions with Renew and Authentic Brands and hired FTI Consulting to help with turnaround plans
  • Defaults created a cross-default with SLR Digital Finance; Arena said it’s also in talks with SLR
• Renew agreed to a forbearance period through March 29; outstanding ...