Vroom Announces Bankruptcy Filing

Dow Jones11-13

By Josh Beckerman

Vroom said it would file for chapter 11, announcing an equity-for-debt recapitalization.

The company said parties to a restructuring support agreement have agreed to pursue a comprehensive transaction that will restructure outstanding funded debt, consisting of about $290 million of unsecured convertible senior notes due in 2026, into equity.

Vroom, whose operations include automotive finance, intends to file a number of customary motions with the bankruptcy court that will allow the continuation of normal business operations.

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

(END) Dow Jones Newswires

November 12, 2024 16:52 ET (21:52 GMT)

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