Breaking: SmileDirectClub Seeks Chapter 11 Relief
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%).
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