Investing.com – Beyond Meat Inc (NASDAQ:), a leading maker of plant-based meat substitutes, has initiated balance sheet restructuring talks with a group of its bondholders, sources told the Wall Street Journal on Wednesday.
The move has been fueled by the company’s declining liquidity in recent quarters as it continues to deplete its cash reserves.
The bondholders, who are owed $1.1 billion through Beyond Meat’s convertible notes, are working with the law firm Akin Gump Strauss Hauer & Feld. Meanwhile, Beyond Meat is represented by Latham & Watkins.
The Los Angeles-based company has witnessed an 18% decline in revenue, falling to $75.6 million year-over-year in the last quarter. This financial downturn has prompted the company to enter into these restructuring talks in an effort to improve its financial stability and halt the decline in its shares.
