Vroom Announces Equity-for-Debt Recapitalization
Vroom, Inc. (VRM)
Company Research
Source: Business Wire
Positions the Company for Long-Term Growth NEW YORK--(BUSINESS WIRE)--Vroom, Inc. (Nasdaq: VRM), a leading automotive finance company and an AI-powered analytics and digital services platform for automotive retail, today announced that it has made the strategic decision to enter into a Restructuring Support Agreement (RSA) with holders of an overwhelming majority of its outstanding funded debt and its largest stockholder. The parties to the RSA have agreed to pursue a comprehensive transaction that will restructure Vroom, Inc.’s outstanding funded debt, consisting of approximately $290 million of unsecured convertible senior notes due in 2026 (Notes), into equity. Vroom, Inc. is the holding company of operating subsidiaries including United Auto Credit Corporation (UACC), CarStory, LLC (CarStory), and Vroom Automotive, LLC and does not itself have operations.Vroom, Inc. intends to voluntarily file a prepackaged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code in
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VRM
News
- Car Financing Firm Vroom Files for Chapter 11 in Texas [Yahoo! Finance Canada]Yahoo! Finance Canada
- Vroom Announces Third Quarter 2024 ResultsBusiness Wire
- Vroom Released Long-term Strategic PlanBusiness Wire
VRM
Sec Filings
- 11/14/24 - Form SC
- 11/13/24 - Form 8-K
- 11/12/24 - Form 10-Q
- VRM's page on the SEC website