What was the total amount of repayments of long-term debt for Benihana in 2021?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
or which payment has been deferred under the CARES Act as of December 31, 2021 and 2020, respectively.
(2) Amount relates to lease exit costs for 2016 leases for restaurants never built and still under dispute with landlords.
F-15
Note 5 – Long Term Debt
Long-term debt consists of the following (in thousands):
| December 31, 2021 | December 31, 2020 |
|---|
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
According to Benihana's 2024 Franchise Disclosure Document, the total amount of long-term debt repayments cannot be explicitly determined from the provided excerpts. However, the document does provide figures related to long-term debt as of December 31, 2021. The total long-term debt was $24,750. The current portion of long-term debt, which represents the amount due within the next year, was $500. The long-term debt, net of the current portion, was $23,132.
To determine the actual repayments made during 2021, a prospective Benihana franchisee would need to analyze the changes in the long-term debt balances from the beginning to the end of the year, while also considering any new debt incurred during that period. The FDD excerpts provide comparative data for December 31, 2020, which shows a total long-term debt of $47,508. By comparing this figure to the December 31, 2021, balance of $24,750, one might infer a reduction in debt. However, this does not directly represent the repayments, as new debt could have been added.
Therefore, to get a clear understanding of the debt repayment schedule and amounts, a potential franchisee should request additional information from Benihana regarding the specific long-term debt agreements, including amortization schedules and details of any new debt issuances or repayments made during 2021. This information is crucial for assessing the financial health and obligations of Benihana.