Car Financing Firm Vroom Files for Chapter 11 in Texas [Yahoo! Finance Canada]
Vroom, Inc. (VRM)
Company Research
Source: Yahoo! Finance Canada
(Bloomberg) -- Automotive financing provider Vroom, Inc., which entered a restructuring support agreement with creditors and its largest stockholder, has filed for bankruptcy. Most Read from Bloomberg Vroom filed for Chapter 11 in the Southern District of Texas court. It listed assets of $43.8 million against total debt of $304.6 million in its petition. Under the firm's plan, Vroom's $290 million of unsecured convertible senior notes due in 2026 will be restructured into equity. Distressed credit-focused hedge fund Mudrick Capital Management backs the plan and was “instrumental in the negotiations” leading to the restructuring, the company said in a statement on Tuesday. Vroom owns United Auto Credit, a lender that offers vehicle financing to consumers through third-party dealers, according to its investor presentation. It also owns car data and technology provider CarStory. It posted a $37.7 million net loss in the third quarter from continuing operations and had $51.1 mill
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VRM
News
- Vroom Announces Third Quarter 2024 ResultsBusiness Wire
- Vroom Announces Equity-for-Debt RecapitalizationBusiness Wire
VRM
Sec Filings
- 12/2/24 - Form 4
- 11/26/24 - Form 8-K
- 11/14/24 - Form SC
- VRM's page on the SEC website