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EFA Partners Assists with Advising Studio Movie Grill's Successful Emergence From Chapter 11

April 21, 2021

Dallas, TX – April 21, 2021:  Studio Movie Grill Holdings LLC, (“SMG”) announced that it has successfully
emerged from Chapter 11 bankruptcy. The Northern District of Texas (Dallas Division) Bankruptcy Court
approved its Plan of Reorganization at a hearing on March 26, 2021. According to a spokesperson for the
brand, SMG was one of the few Top 15 movie chains to remain open throughout the pandemic, leveraging
its restaurant kitchens for curbside takeout and partnering with GrubHub for delivery orders.

As the exhibition industry resurfaces from a truly historic period, SMG is operating 17 locations in five states
with two remaining locations in Indianapolis and Upper Darby (Philadelphia) scheduled to reopen on April
29th and May 27th, respectively. The brand will complete its line-up of 19 open locations in seven states in
time for Memorial Day weekend. Additionally, SMG will complete construction later this year in Alpharetta,
GA on a new Northpoint location, strategically located within miles of one of the largest malls in the country.
SMG Northpoint will house over 1,300 recliners and 14 screens, continuing its focus on the successful
Atlanta market.

SMG also announced today that longtime CFO/COO, Ted Croft, will lead SMG as CEO. Croft was
instrumental in securing funding for SMG’s rapid growth over the last decade and will now focus his attention
on company profitability and sustainability amid an even more complex entertainment marketplace. Prior to
joining SMG in 2011, Ted consulted with large investment groups on the acquisition and divestiture of
portfolios that included major brands and national franchises. His career spanned three Brinker International
concepts, including the enormous success of Macaroni Grill, and culminating as CFO of Corner Bakery.
“This has been a challenging time for the industry and the brand,” Croft said. “It’s a testament to SMG’s
founder, team members, and our other stakeholders, that we’re standing here today delivering a best-inclass
experience to folks getting out of their homes and safely back into theaters.”

SMG has also partnered with NATO (National Association of Theater Owners), further aligning its own “Simple,
Safer Ways to Enjoy the Show” message with the national #CinemaSafe program. “In a recent survey of more
than 50,000 SMG Guests attending a location in the last 6 months, our ‘Simple, Safer Ways to Enjoy the Show’
safety and sanitation strategy earned SMG a 95% in cleanliness and 97% in safety,” said Sheri Lawrence, VP
of Learning and Development.

For all movie fans, 2021 has been good for the Box Office with titles like Tom & Jerry (WB), Nobody
(Universal), and Godzilla vs. Kong (WB). SMG is eagerly anticipating the release of other blockbuster titles
including Mortal Kombat (WB, April 23), A Quiet Place II (Paramount, May 28), Cruella (Disney, May 28),
and Fast & Furious 9 (Universal, June 25). For showtimes, tickets, and food and beverage orders, please
download the SMG App on the Apple App or Google Play Stores. 

Studio Movie Grill was advised through its reorganization by the Law Offices of Frank J. Wright, PLLC, as
legal counsel, CR3 Partners, LLC, as bankruptcy advisor, EFA Partners LLC, as investment banker, and
Keen-Summit Capital Partners LLC, as lease restructuring advisor. The company’s prepetition secured
lenders (affiliates of Goldman Sachs and Crestline Investors, Inc.), who will provide debt financing and
acquire equity in SMG under its Plan of Reorganization upon emergence, were represented by Vinson &
Elkins LLP and Jones Day respectively, and FTI Consulting, Inc. served as financial advisor.

About Studio Movie Grill
Conceived in 1993, Studio Movie Grill (“SMG”) was the first exhibitor to modernize the traditional moviegoing
experience by combining first-run movies with full-service, in-theater dining. In 2019, 50 films put SMG
in the top 10 at the National Box Office. SMG placed 13th in Box Office Magazine’s Giants of the Industry in
2021. Honoring its commitment to Opening Hearts and Minds, One Story at a Time®, SMG’s legacy
outreach programs include Special Needs Screenings (programming returns April 24), and its loyalty
program, SMG Access®, which supports underserved community members. Conceived in 2018, SMG
Access®, in partnership with SMG Guests across the country, has earned over 44,000 free movies and

Leading provider of digital media services for film and television

Background: Seasoned management team formed new film and television digital media services company and approached EFA to arrange financing for potential acquisition targets.

EFA Process: The company retained EFA to arrange acquisition financing and EFA approached several banks and specialty lenders.

Result: Closed debt financing to support two company acquisitions and working capital facility.

start quoteWe selected EFA as our advisor due to their financial experience specific to the film and television services sector. The past year has been tremendous for us as we significantly grew our business with EFA arranging financing that allowed us to execute on our growth plans very quicklyend quote

John Suh
Co-Founder and Co-President of  Pixelogic

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Television broadcast company owning and operating WGGB-TV and WGGB-TV D2, the ABC and FOX network affiliates serving the Springfield-Holyoke, MA market

Background: Initially approached by Gormally Broadcasting to arrange financing to recapitalize the company and fund planned acquisition growth. EFA became company’s sell-side advisor when industry changes and market forces made exploring a sale a more advantageous and financially rewarding strategic option for the company.

EFA Process: EFA was successful in securing financing commitments to fund a recapitalization and several acquisitions during the initial engagement focus. However, marketplace dynamics noted above resulted in EFA recommending a company sale. EFA provided a tailored, results-oriented approach from start to finish.

Result: EFA identified Meredith Corporation (NYSE: MDP) as the leading buyer and managed all aspects of the sale, maximizing the sales price received for the company.

start quoteIt was a pleasure working with Dave Harrington and the team at EFA. Through Dave’s deep industry knowledge, relationships and marketplace expertise, we were able to maximize the ultimate value of our company’s broadcast assets. end quote

John Gormally,
Founder, Owner and President of Gormally Broadcasting

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Growing movie theatre company that provides an in-theatre dining experience with over 300 screens throughout the US

Background: Longtime client that initially approached EFA seeking junior capital to grow its business.

EFA Process: After reviewing the company's capital structure and growth plans EFA recommended a financing structure that would recapitalize the company and provide significant growth capital.

Result: Closed three financings that recapitalized the company and provided growth for new theatres. Studio Movie Grill also retained EFA for M&A opportunities and to assist with restructuring process.

start quoteWe were delighted to work with the EFA Partners team on our second successful financing with them. Their wide range of capital markets experience, banking relationships and deep knowledge of the cinema and location-based entertainment industries made them the perfect choice to assist with our financing efforts, which support SMG's active growth strategy. end quote

Brian Schultz,
Owner, founder and President of Studio Movie Grill

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Television and motion picture post-production and digital content management services

Background: Company approached EFA seeking refinancing of its debt subsequent to other advisors attempting to do so with a combination of senior debt and equity.

EFA Process: After reviewing its capital structure EFA recommended a debt structure to fully refinance the company's debt.

Result: Closed senior debt facility that refinanced the company's existing debt, which was much more cost-effective than equity.

start quoteThe EFA team proposed a creative strategy to recapitalize Modern VideoFilm that met our needs in a way that was unique and different from what other financial advisory firms proposed to us. We appreciated their understanding of the entertainment industry and EFA's extensive financial relationships and we look forward to continuing our relationship. end quote

Moshe Barkat,
CEO and President of Modern VideoFilm

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Mark Cuban and Todd Wagner's well established movie theatre company - with almost 300 screens located throughout the US

Background: Landmark approached EFA for an equipment financing to convert its screens from 35mm to digital projection.

EFA Process: While the company had many financing options given its strong ownership, its management was busy with business operations and retained EFA to handle the digital conversion financing process.

Result: Closed equipment financing facility utilized for all of its digital projectors. EFA led all aspects of the financing including negotiation of complex digital cinema conversion agreements.

start quoteEFA's unique knowledge and experience with film exhibition and digital cinema was extremely helpful in leading our financing process. Landmark prides itself in providing the best customer experience to its patrons and we are excited that this financing will allow us to continue that with our digital conversion. end quote

Sky Hansen,
Chief Financial Officer of Landmark Theatres

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Provider of digital information services to the film industry

Background: Company approached EFA seeking funding to refinance debt and provide growth capital.

EFA Process: After reviewing its capital structure and growth plans, EFA approached the specialty lender market and arranged debt facility. Subsequently, company retained EFA as sell-side advisor. 

Result: Arranged debt for refinaning existing debt and for growth. Also, handled sale process from start to close for successful sale of business.

start quoteIt was a pleasure to work with the team at EFA Partners who served as our advisor on the sale of West World Media. Through deep industry knowledge, relationships and marketplace expertise, we were able to achieve a successful outcome. end quote

Brett West
Founder and President of West World Media

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Television industry management group formed to manage and operate US TV stations

Background: Huntington approached EFA seeking capital for potential television station acquisitions.

EFA Process: EFA understood that private equity firms and lenders are seeking experienced management teams to back for acquisition opportunities in the television sector.

Result: EFA has introduced the company to several private equity firms as well as senior lenders, resulting in bids for groups of television stations and the company continues to seek other opportunities, with EFA’s assistance.

start quoteWe are acutely aware of the trends that are transforming the local broadcast TV business and have recently begun to explore opportunities to acquire stations. We are very excited about the prospects for the industry and the opportunities to capitalize upon. We are also pleased to have EFA Partners as our financial advisor as their many years of media industry experience and extensive financial relationships will help us accomplish our goal of building a best-in-class station group.

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David Tynan,
CEO of Huntington Broadcast Management Group

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