Vroom Down 37% on Bankruptcy Announcement

Dow Jones11-13

By Josh Beckerman

Vroom shares were down 37% to $5.58 after hours as the company said it would file for bankruptcy.

Vroom owns indirect automotive lender United Auto Credit and analytics and digital services provider CarStory.

The company said Tuesday it reached a restructuring support agreement with holders of an overwhelming majority of its outstanding funded debt and its largest stockholder, and plans to continue normal operations.

Noteholders are expected to own about 92.9% of the company's new common stock, while current common stockholders will own about 7.1%.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

November 12, 2024 18:56 ET (23:56 GMT)

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