On October 8, according to Bloomberg, E-cigarette Company Juul Labs Added Two Restructuring Experts to Its Board of Directors as It Weighs Future Development Options.
Paul Aronzon, who previously led the global financial restructuring group at law firm Milbank, has joined the board. Another new independent director is David Barse, who runs index firm XOUT Capital and family office DMB Holdings. Earlier this year, Barse, the former CEO of Third Avenue Management, joined the board of bankruptcy cryptocurrency lender Celsius Network.
Paul Aronzon, who previously led the global financial restructuring group at law firm Milbank, has joined the board. Another new independent director is David Barse, who runs index firm XOUT Capital and family office DMB Holdings. Earlier this year, Barse, the former CEO of Third Avenue Management, joined the board of bankruptcy cryptocurrency lender Celsius Network.
Juul has been considering options such as a bankruptcy filing or new financing after the FDA banned Juul products from U.S. shelves, citing a lack of evidence of their overall safety. The company won a court order to temporarily block the FDA’s decision, and the agency is currently suspending the injunction.
A Juul spokesperson told Bloomberg: “As part of the preparation process, our board of directors recently added two new independent members whose extensive experience in the company’s exploration of strategic options will help determine which path is best for us. The company, our products, and the millions of adult smokers who have made or are looking to transition from combustible cigarettes.
According to Bloombeg, The Company Recently Started Talks About a Possible Chapter 11 Financing. Preparations Are Not Over and Plans May Change.
Juul Chairman and CEO K.C. Crosthwaite told an online conference this week that the company’s recent refinancing of its secured debt was not a solution to the company’s woes, according to a person familiar with the matter. permanent approach, he requested anonymity because the details are confidential. The company also paused its international expansion and focused on the U.S. and U.K. markets, where it generates nearly all of its gross profit.
Post time: Oct-08-2022
