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WW International and Advisors of their lenders have allegedly taken a step to talk about the possible restructuring of the company’s loan.
The Wall Street Journal Citing anonymous sources, he said that Vetwachrs, who had become WW International several years ago, and lender advisors recently entered a secrecy agreement.
The company’s financial forecasting and strategy have been at the center of the initial restructuring dialogue between lender advisors and the strategy weight WatchersAccording to the outlet.
An indication for weight watchers is displayed in a Lower Manhattan, an office of October 19, 2015. (Brendon McDermid / Reuters)
Advisors are reportedly working to find out which courses can be available for lenders with information.
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Fox reached the company to comment on the report of Business Journal.
According to its most recent quarter report, the total liabilities of the total liabilities of the weightwathers include $ 1.69 billion, $ 1.4 billion in the net long term loan.
In early November, the then-CFO Heather Stark told analysts and investors that the company “had sufficient liquidity for our working capital needs” and “with” 2028 and 2029 with no maturity for our term loans or senior notes by 2028 and 2029 Attractive debt terms. “
“However, we admit that our debt burden with our net debt is important to accommodate Ebitda at 10.4x at the end of the third quarter,” he said. “In this way, we have recently appointed advisors to assist us in evaluation of options related to our overall capital structure.”
The company had recently revealed in a securities and exchange commission that it borrowed about $ 121.3 million “under Senior Second Revolling Credit Facility” “to provide financial flexibility from 2021 to” from 2021. ,
Wetwachrs CEO Sima Sistani suddenly to get out, hugged weight loss drugs
Vetwachrs said in the filing, “We continue to actively evaluate our capital structure and intend to detect transactions to strengthen our balance sheet and increase our financial flexibility.” “We are eager to join with our lenders and Bondolders in the coming months.”
The purpose of borrowing those funds was not with “liquidity requirements,” was also said.
The company has been around since 1963. This has long been offered weight loss and weight-management programs and, recently, has entered access to weight loss drugs amidst increasing popularity of people. Those medicines To dilute the bottom.
Wetwachrs logo is displayed on the smartphone screen. (Rafael Henrich/SOPA images/photo illustration by getty images)
Wetwachrs produced $ 601.5 million Net revenue Of the first three quarters of 2024, the third quarter included $ 192.9 million. It has seen a net loss of $ 370.8 million in the same nine months period.
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“Our results in the third quarter were on track with expectations in November,” interim CEO Tara Comont said during the company’s earnings call in November, but it is clear that we have an important task to change the business trajectory. ” “This is an industry that is undergoing mass infection and as a result, the weightwackers have experienced meaningful disruption in recent years. However, I am optimistic about our ability to have a path for future development. “
