BOWFLEX INC.: going-concern / distress — BowFlex files Chapter 11, agrees to sell assets to Johnson Health Tech for $37.5M

BOWFLEX INC.

Filed voluntary Chapter 11 petitions on March 4, 2024, in New Jersey bankruptcy court.
Stalking horse asset purchase agreement with Johnson Health Tech Retail, Inc. for $37.5M cash.
Secured $25M DIP financing ($9M revolver + $16M term loan roll-up) from SLR Credit Solutions.
Common stockholders likely receive no recovery; sale process includes auction for higher bids.
Company continues normal operations as debtor-in-possession during Chapter 11 proceedings.

item 1.01 item 1.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

BOWFLEX INC. entered chapter 11 in United States Bankruptcy Court for the District of New Jersey (petition 2024-03-04).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of New Jersey
Petition: 2024-03-04

Exact text from the filing

On March 4, 2024 (the “Petition Date”), Bowflex Inc. (the “Company” or the “Debtor”) and certain of its subsidiaries (together, the “Company Parties” or the “Debtors”) filed voluntary petitions (the “Bankruptcy Petitions”) for relief under chapter 11 of title 11 of the United States Code 11 U.S.C. §§ 101–1532 (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”), thereby commencing chapter 11 cases for the Company Parties (the “Chapter 11 Cases”).

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Source: SEC EDGAR

accession 0001628280-24-008736

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