Vroom, Inc. (VRM): going-concern / distress — Vroom files prepackaged Chapter 11; noteholders to get 92.94% of new equity, trade creditors paid in full

Vroom, Inc.

Filed Chapter 11 prepackaged on Nov 13, 2024; RSA with ~98% of noteholders and ~6% of equity holders.
Plan eliminates ~$290.5M in funded debt; trade and other non-funded claims paid in full in ordinary course.
Noteholders to receive 92.94% of new common stock; existing equity holders to receive 7.06%, subject to dilution.
Voting deadline Dec 30, 2024; $291.3M in Notes accelerated but stayed by bankruptcy.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Vroom, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2024-11-13).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Texas
Petition: 2024-11-13

Exact text from the filing

On November 13, 2024, Vroom, Inc. (the “Company”, and in the context of the Prepackaged Chapter 11 Case, the “Debtor”) commenced a voluntary proceeding (the “Prepackaged Chapter 11 Case”) under Chapter 11 of the United States Code, 11 U.S.C. §§ 101-1532, as amended from time to (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) under the name “ In re Vroom, Inc .”

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Vroom, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-256669

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