Brief: Prosomnus Sleep Technologies Says Co Enters Into Voluntary Chapter 11 Restructuring Process Which Will Take Company Private, Reduce Debt

ProSomnus

09/05/2024 02:04

May 8 (Reuters) - Prosomnus Inc  OSAP.PK :
    * PROSOMNUS SLEEP TECHNOLOGIES TAKES STRATEGIC ACTION TO
POSITION
COMPANY FOR LONG-TERM SUCCESS
    * PROSOMNUS SLEEP TECHNOLOGIES- CO ENTERS INTO VOLUNTARY
CHAPTER
11 RESTRUCTURING PROCESS WHICH WILL TAKE COMPANY PRIVATE, REDUCE
DEBT
    * PROSOMNUS - ANNOUNCES PLAN FOR $20 MILLION IN AGGREGATE
NEW
FINANCING TO SUPPORT DAILY OPERATIONS, RESTRUCTURING, STRATEGIC
INITIATIVES, AND ADVOCACY
    * PROSOMNUS- CAPITAL WILL SUPPORT ONGOING OPERATIONS AND
DEVELOPMENT OF STRATEGIC INITIATIVES INCLUDING COMPANY'S NEXT
GENERATION SENSOR DEVICE
    * PROSOMNUS- MINIMAL EXPECTED OPERATIONAL IMPACT TO
BUSINESS,
COMPANY WIL CONTINUE SERVING CUSTOMERS AND DELIVERING PRODUCTS
    * PROSOMNUS - UNDER RESTRUCTURING PLAN COMPANY EXPECTS TO
REDUCE
ITS DEBT BY APPROXIMATELY 60%.
    * PROSOMNUS - AMOUNT OF EXISTING SENIOR SECURED DEBT WILL BE
REDUCED, AND AMORTIZATION OF SCHEDULED REPAYMENTS WILL BE
DEFERRED
    * PROSOMNUS- COMPLETION OF RESTRUCTURING PLAN WILL RESULT IN
COMPANY BECOMING A PRIVATE COMPANY
    * PROSOMNUS- AMOUNTS DUE TO EMPLOYEES, TRADE CREDITORS,
VENDORS
AND CUSTOMERS ARE NOT EXPECTED TO BE IMPACTED BY RESTRUCTURING.
    * PROSOMNUS - COMPLETION OF RESTRUCTURING PLAN WILL
ELIMINATE $4
MILLION TO $6 MILLION OF ANNUAL RECURRING PUBLIC COMPANY COSTS
ITS PUBLIC COMPANY OBLIGATIONS

Source text for Eikon:  ID:nGNX26Djrr 
Further company coverage:  OSAP.PK 

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