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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2424008751?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-04-03 04:48","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2424008751","market":"hk","top_or_hot":-1,"title":"View Agrees to Be Taken Private as It Prepares to File for Bankruptcy","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Sabela Ojea \n</p>\n<pre>\n \n</pre>\n<p>\n  View is going private as it prepares to file for bankruptcy, three years after its initial public offering. \n</p>\n<p>\n  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. \n</p>\n<p>\n  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. \n</p>\n<p>\n  During this time, View expects its operations to continue as normal, as orders will continue to be fulfilled. \n</p>\n<p>\n  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. \n</p>\n<p>\n  Its board is currently formed by six members, including Chief Executive Rao Mulpuri. Scott Rechler, CEO of RXR, is also a board director. \n</p>\n<p>\n  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. \n</p>\n<p>\n  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. \n</p>\n<p>\n  View's shares have plunged 96% over the past 12 months. Its market cap was worth $4 million as of Tuesday. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 02, 2024 16:48 ET (20:48 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>View Agrees to Be Taken Private as It Prepares to File for Bankruptcy</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nView Agrees to Be Taken Private as It Prepares to File for Bankruptcy\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-03 04:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Sabela Ojea \n\n\n \n\n\n  View is going private as it prepares to file for bankruptcy, three years after its initial public offering. \n\n\n  The glass-manufacturing company on Tuesday said that it has ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4086","symbol_name":"建筑产品","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2424008751","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2424008751","pubTimestamp":1712090880,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"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.View's shares have plunged 96% over the past 12 months. Its market cap was worth","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4086":"建筑产品"},"translate_title":"View同意私有化，因为它准备申请破产","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VIEW":0.9},"content_text":"By Sabela Ojea \n\n\n \n\n\n  View is going private as it prepares to file for bankruptcy, three years after its initial public offering. \n\n\n  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. \n\n\n  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. \n\n\n  During this time, View expects its operations to continue as normal, as orders will continue to be fulfilled. \n\n\n  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. \n\n\n  Its board is currently formed by six members, including Chief Executive Rao Mulpuri. Scott Rechler, CEO of RXR, is also a board director. \n\n\n  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. \n\n\n  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. \n\n\n  View's shares have plunged 96% over the past 12 months. Its market cap was worth $4 million as of Tuesday. \n\n\n \n\n\n  Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  April 02, 2024 16:48 ET (20:48 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2424008751"}