When was Hardees SPV Guarantor LLC established?
Hardees Franchise · 2025 FDDAnswer from 2025 FDD Document
These Combined Consolidated Financial Statements include the combined accounts of Carl's Jr. SPV Guarantor LLC and its consolidated subsidiaries, consisting of Carl's Jr. Funding LLC and Carl's Jr. Restaurants LLC, and Hardee's SPV Guarantor LLC and its consolidated subsidiaries, consisting of Hardee's Funding LLC and Hardee's Restaurants LLC (collectively, the "CKE Securitization Entities"). The indirect corporate parent of Carl's Jr. SPV Guarantor LLC and Hardee's SPV Guarantor LLC is CKE Restaurants Holdings, Inc. ("CKE Restaurants"), and the indirect corporate parent of CKE Restaurants is CKE Holding Corporation ("CKE"). All of the CKE Securitization Entities are limited liability companies established on January 30, 2013 and were organized in the state of Delaware. The CKE Securitization Entities are special purpose, bankruptcy remote entities that hold substantially all of the restaurant businesses, franchising assets, real estate and other productive assets of CKE Restaurants and its subsidiaries. CKE Restaurants, together with certain other non-securitization entities, acts as the manager ("Manager") by managing and servicing the assets, performing certain franchising, marketing, real estate, intellectual property and operating and reporting services on behalf of the CKE Securitization Entities. References to "we", "us", "our" and the "Company" may relate to any or all of the CKE Securitization Entities, as may be applicable, but do not relate to CKE or CKE Restaurants.
Source: Item 21 — Financial Statements (FDD pages 84–85)
What This Means (2025 FDD)
According to Hardees's 2025 Franchise Disclosure Document, Hardee's SPV Guarantor LLC, along with other CKE Securitization Entities, was established on January 30, 2013. These entities are limited liability companies organized in the state of Delaware.
These CKE Securitization Entities, including Hardee's SPV Guarantor LLC, are designated as special purpose, bankruptcy remote entities. Their primary function is to hold the restaurant businesses, franchising assets, real estate, and other productive assets of CKE Restaurants and its subsidiaries. This structure is designed to protect these assets in the event of financial distress of the parent company.
CKE Restaurants manages and services the assets of these entities, providing franchising, marketing, real estate, intellectual property, and operating and reporting services. This management role ensures the consistent operation and performance of the Hardees franchise system.