Tattooed Chef, Inc. (TTCF) has announced its decision to seek protection under Chapter 11 of the U.S. Bankruptcy Code
Tattooed Chef, Inc. (TTCF), a player in the plant-based foods industry, has recently announced its decision to seek protection under Chapter 11 of the U.S. Bankruptcy Code. This move comes as Tattooed Chef aims to initiate a sale of its major assets through Section 363 of the Bankruptcy Code. Despite ongoing operations, financial challenges and the inability to secure additional capital have prompted Tattooed Chef to undertake this strategic step.
In line with the regulations outlined in Section 363 of the Bankruptcy Code, Tattooed Chef will actively market its assets and invite bids from interested parties. The objective of this bidding process is to secure the highest and most favorable price for Tattooed Chef's assets. The management team, in consultation with its advisors and under the supervision of the Bankruptcy Court, will carefully evaluate all received bids. An expedited sale process is desired, subject to scrutiny from creditors and final approval by the Bankruptcy Court. To facilitate this process, Tattooed Chef has enlisted the services of SC&H Capital, an affiliate of SC&H Group, Inc., as its investment bank to oversee the sale and identify potential qualified bidders.
Despite the bankruptcy filing, Tattooed Chef aims to sustain its operations throughout the Chapter 11 process. This commitment includes meeting payroll obligations, continuing existing employee benefits programs, honoring customer commitments, and ensuring timely vendor payments. To fund its ongoing operations during this period, Tattooed Chef is currently finalizing the terms of debtor-in-possession financing, which will be provided by its existing secured lender.
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