NewAge, Inc. introduced that it has filed for a voluntary petition for aid below Chapter 11 of the U.S. Chapter Code within the U.S. Chapter Court docket for the District of Delaware. The corporate’s subsidiaries Ariix LLC, Morinda Holdings, Inc. and Morinda, Inc. additionally every filed this voluntary petition for aid, commencing Chapter 11 circumstances to facilitate “a value-maximizing sale course of.”
The corporate secured a “debtor in possession” financing facility of $16 million and plans to make use of this capital, along with income generated from ongoing operations, to offer liquidity to help the corporate by means of the sale course of.
The administration workforce will proceed to function the enterprise as “debtors in possession” and are looking for approval of a wide range of “first day motions containing customary aid meant to allow the corporate and its subsidiaries to proceed operations within the extraordinary course.” The corporate emphasised that it intends to pay distributors and companions below customary phrases for items and providers and to offer workers with their traditional pay and first advantages.
