View, Inc., a leader in the USA in smart building technologies, has announced it reached an agreement with Cantor Fitzgerald, RXR Realty and certain of the company’s stakeholders on the terms of a financial restructuring that is designed to strengthen the firm’s balance sheet and better position View for the future. (the Proposed Transaction)
To ensure a timely process, View and certain of its subsidiaries will commence pre-packaged Chapter 11 cases in the District of Delaware. During this time, View expects its operations to continue as normal. View also expects that trade claims will be unaffected, orders will continue to be fulfilled, and customers will continue to be supported.
The company expects to obtain court approval for the Proposed Transaction within 45 days of April 2, 2024. Shortly thereafter, View expects to emerge as a privately held company with a reorganized board of directors, whereby Howard Lutnick, Chairman & CEO of Cantor Fitzgerald, and Scott Rechler, Chairman & CEO of RXR, will provide support and guidance to View on its operational structure and corporate strategy.
The Proposed Transaction would result in View’s existing senior secured term loans and unsecured convertible notes being cancelled and the holders receiving 100 percent of the equity interests in the reorganized Company and existing equity interests being cancelled.
View decided to go public in 2020, and after a few troubled years in 2023, laid off almost 23 percent of its workforce.