Winc, Inc.: going-concern / distress — Winc files Chapter 11 bankruptcy, seeks asset sale with stalking horse bidder

Winc, Inc.

Filed Chapter 11 petitions in Delaware Bankruptcy Court on November 30, 2022.
Entered non-binding agreement with potential stalking horse bidder for substantially all assets; definitive APA expected soon.
Bankruptcy filing triggered default under Credit Agreement with Banc of California; obligations accelerated, enforcement stayed.
Plans to continue operations as debtor-in-possession while pursuing competitive auction process.
Securityholders cautioned they may receive no value; trading highly speculative.

item 1.03 item 2.04 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Winc, Inc. faced acceleration on credit facility with Banc of California, N.A..

Instrument: credit facility
Counterparty: Banc of California, N.A.
Event: acceleration

Exact text from the filing

The filing of the Bankruptcy Petitions constitutes an event of default that accelerated the obligations of the Company under that certain Credit Agreement, dated as of December 15, 2020, by and among the Company, BWSC, LLC and Banc of California, N.A., as successor-by-merger to Pacific Mercantile Bank (“Banc of California”), as amended (the “Credit Agreement”).

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Winc, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2022-11-30).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2022-11-30

Exact text from the filing

On November 30, 2022, Winc, Inc., a Delaware corporation (the “Company”), together with its subsidiaries (collectively, the “Debtors”), filed voluntary petitions (collectively, the “Bankruptcy Petitions”) for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Court”).

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Source: SEC EDGAR

accession 0000950170-22-025906

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