Breaking: SmileDirectClub Seeks Chapter 11 Relief
- September 30th, 2023
- 379 views
SmileDirectClub, Inc. (Nasdaq: SDC) has unveiled plans for a significant recapitalization effort, aimed at fortifying the company's financial foundation and supporting future growth as a global leader in oral care.
The recapitalization will involve an initial investment of at least $20 million from the company's founders, with the potential for an additional $60 million contingent upon specific conditions, such as a successful marketing process outcome.
To facilitate this transaction, SmileDirectClub has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas.
Throughout this restructuring process, SmileDirectClub aims to maintain uninterrupted access to affordable oral care for its customers. The infusion of liquidity from the founders, combined with normal operational cash flows, is aimed to ensure the company's ability to meet its obligations to stakeholders without disruptions.
On Friday, $SDC was trading at $0.15 in after-hours, down -0.26 (-62.65%).
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY OR DIGITAL ASSET. Please consult with a professional investment advisor before purchasing or selling any securities viewed on or mentioned herein. (Read Full Disclaimer)
Post Your Comments
Want To Find Some News?
Recent Posts
-
Earnings Countdown: Lockheed Martin, Stryker, and PACCAR Gear Up
January 26th, 2025Earnings Spotlight: SoFi Technologies, Sanmina, and Nucor Set to Report
January 26th, 2025Global Flag Football League Plans To Host Pro Flag Football Tournament in Las Vegas
January 23rd, 2025Earnings On Deck: Netflix, United Airlines, and Agilysys Gear Up
January 19th, 2025
Member Login