NewAge, a Utah-based direct-to-consumer organic and healthy products company, and certain of its subsidiaries each filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
Kevin Manion, CFO of NewAge, departed the company on July 1. Lawrence Perkins, who was engaged to provide chief restructuring officer (CRO) and other services to the company along with his firm, SierraConstellation Partners, will assume the role of the company’s principal financial officer on an interim basis.
NewAge entered into a $12 million revolving line of credit agreement with East West Bank that will mature in March 2024. NewAge used this facility to repay in full its existing outstanding loan balance of $10.6 million under its 8% senior secured note with JGB Management.