SALT LAKE CITY, Sept. 2, 2022 (GLOBE NEWSWIRE) — NewAge, Inc. NBEV (the “Company”) announced today that the United States Bankruptcy Court for the District of Delaware has granted the Company preliminary approval of day one filings related to its Chapter 11 reorganization. The approved applications will support the Company’s ongoing operations during its financial restructuring process.
The court granted the Company access to a $16 million financing facility provided by DIP Financing, LLC, which, together with the Company’s projected earnings, will support its operations during the Chapter 11 proceedings . The court also authorized the company to continue paying wages and benefits and certain operational requirements that allow the company to meet its obligations to brand partners. NewAge may pay sellers and suppliers on normal terms for goods and services provided after the filing date.
For more information on the Company’s Chapter 11 Proceedings, including access to court filings and other documents related to the court-supervised proceeding, visit cases.stretto.com/NewAge, the Company’s cases website, which is maintained by Stretto, a Third Party Claims and Notifying Agent.
About NewAge, Inc.
NewAge is a purpose-driven company dedicated to inspiring the planet to Live Healthy™. Based in Utah, the company markets a portfolio of organic and healthy products globally primarily through a direct-to-consumer (D2C) route-to-market distribution system in more than 50 countries. The company competes in three major category platforms, including health and wellness, inner and outer beauty, and nutrition performance and weight management – through a network of exclusive independent brand partners armed with the world’s leading social selling tools and technologies. For more information about the company, visit NewAgeGroup.com.
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