View, Inc. Reaches Agreement With Cantor Fitzgerald And RXR To Become A Private Company; Proposed Transaction Would Result In View's Existing Senior Secured Term Loans And Unsecured Convertible Notes Being Cancelled
Portfolio Pulse from Benzinga Newsdesk
View, Inc. (NASDAQ:VIEW) announced an agreement with Cantor Fitzgerald and RXR Realty for a financial restructuring to become a private company. This involves commencing prepackaged Chapter 11 cases, with the expectation of court approval within 45 days from April 2, 2024. The restructuring will cancel existing senior secured term loans and unsecured convertible notes, with holders receiving equity in the reorganized company. The process is supported by a Restructuring Support Agreement, representing a significant portion of the company's noteholders and term lenders. View expects its operations to continue normally during this period.
April 02, 2024 | 8:08 pm
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View, Inc. is undergoing a financial restructuring to become a private company, involving Chapter 11 cases and the cancellation of existing debts for equity in the reorganized company.
The announcement of View, Inc. entering Chapter 11 cases as part of its restructuring plan to become a private entity is likely to have a negative short-term impact on its stock price. The process involves the cancellation of existing debts and equity interests, which could lead to uncertainty among investors and potentially decrease the stock's value in the short term. Additionally, the transition to a private company means that public investors will no longer hold equity in View, further contributing to the potential negative impact on the stock price.
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