CHECKERS DRIVE-IN RESTAURANTS, INC. ANNOUNCES AGREEMENT WITH LENDERS THAT ADDRESSES MATURITY AS IT FINALIZES TERMS OF RECAPITALIZATION THAT WILL SIGNIFICANTLY DELEVER ITS BALANCE SHEET

TAMPA, Fla., April 21, 2023 /PRNewswire/ -- Checkers Drive-In Restaurants, Inc., the owner, operator, and franchisor of Checkers® and Rally's® restaurants, today announced it entered into an agreement with its lenders that addresses an upcoming maturity as it finalizes the terms of a recapitalization, which will significantly delever its balance sheet, enabling the company to continue to build on the strong momentum of the business.

Miller Buckfire & Co. is acting as financial advisor for the company; Paul, Weiss, Rifkind, Wharton & Garrison LLP is the company's legal counsel; and Hilco Real Estate, LLC, is advising on all real estate obligations.

About Checkers Drive-In Restaurants, Inc.

Based in Tampa, Fla., Checkers Drive-In Restaurants, Inc., an iconic and innovative drive-thru restaurant chain known for its bold, craveable food, famous fries, exceptional value, and people-first attitude, operates and franchises both Checkers® and Rally's® restaurants. With more than 800 restaurants and room to grow, Checkers & Rally's is a proven brand with flexible building formats that is aggressively expanding across the country. Checkers & Rally's is dedicated to being a place where franchisees and employees who work hard can create opportunities for themselves, their families, and their communities. In recent years, the brand has earned several of the industry's most prestigious awards including: "#1 Most-Loved Fries" in 2021 and "#1 Most Craveable Fries" by Restaurant Business in 2019 and 2017; Best Franchise Deal and "Best Drive-Thru in America" by QSR Magazine; Top Food and Beverage Franchise by Franchise Business Review; the "Hot! Again" award from Nation's Restaurant News; several "Most Innovative" awards from Franchise Update Media; and has consistently been ranked on Entrepreneur's Franchise 500.

SOURCE Checkers Drive-In Restaurants