English
Français
Deutsch
Italiano
Português
Русский
Español
简体中文
हिन्दी
日本語
By Dean Seal
Shares of AgileThought have fallen by more than a third after the company said it would file for a Chapter 11 reorganization bankruptcy.
The stock dropped 39% to an all-time low of 16 cents in early trading. Shares have lost 96% of their value this year.
The technology consulting firm said early Monday morning that it would use a combination of additional working capital funding, a go-private transaction and a restructuring to infuse new capital in the business and cut debt.
As part of that plan, the company intends to file for Chapter 11 reorganization process under the U.S. Bankruptcy Code.
The company has signed an asset purchase agreement with affiliates of Blue Torch Finance, AgileThought’s senior secured lenders who will provide $22 million in new-money financing so that day-to-day operations can continue.
Following the announcement, Alligan Global Partners cut AgileThought’s stock to a sell rating from a buy rating.
Write to Dean Seal at [email protected]
Read the full article here