View Agrees to Be Taken Private as It Prepares to File for Bankruptcy

Dow Jones04-03

By Sabela Ojea

View is going private as it prepares to file for bankruptcy, three years after its initial public offering.

The glass-manufacturing company on Tuesday said that it has reached an agreement with Cantor Fitzgerald, RXR Realty and other shareholders as it puts in place a restructuring program.

The company and some of its subsidiaries will commence prepackaged Chapter 11 cases in the District of Delaware to strengthen its balance sheet and better position the company for the future, View said.

During this time, View expects its operations to continue as normal, as orders will continue to be fulfilled.

View expects to obtain court approval for the proposed transaction within 45 days of April 2, and to shortly emerge as a privately held company with a reorganized board of directors.

Its board is currently formed by six members, including Chief Executive Rao Mulpuri. Scott Rechler, CEO of RXR, is also a board director.

The proposed transaction would result in View's existing senior secured term loans and unsecured convertible notes being canceled and the holders receiving all the equity interests in the reorganized company and existing equity interests being canceled.

In November, View had warned that its cash and cash equivalents wouldn't be sufficient to fund its obligations beyond the first quarter of 2024.

View's shares have plunged 96% over the past 12 months. Its market cap was worth $4 million as of Tuesday.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

April 02, 2024 16:48 ET (20:48 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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