VIEWW - View Inc. Reaches Agreement with Cantor Fitzgerald and RXR to Become a Private Company | Benzinga
Balance sheet restructuring designed to strengthen View's financial position
Approvals received from key stakeholders across capital structure
MILPITAS, Calif., April 02, 2024 (GLOBE NEWSWIRE) -- View, Inc. (NASDAQ:VIEW) ("View" or the "Company"), a leader in smart building technologies, today announced it reached an agreement with Cantor Fitzgerald, L.P. ("Cantor Fitzgerald"), RXR Realty ("RXR"), 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 prepackaged 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.
"Today's announcement marks the culmination of a thorough strategic review of our business operations to help ensure we have the proper capital structure going forward," said Dr. Rao Mulpuri, CEO of View. "With the support of Cantor Fitzgerald and RXR, we intend to maximize our business potential with increased financial stability and be better positioned to increase our presence across the real estate ecosystem."
Dr. Mulpuri continued, "Over the years, we made significant progress in building our business and, today, have well-established products, operations, and customers. We remain committed to our mission of creating smart, healthy and sustainable buildings."
"We continue to be impressed with View's products and software services," said Howard W. Lutnick, Chairman & CEO of Cantor Fitzgerald. "Our financing is intended to allow View to continue to develop their innovative offerings for the real estate industry."
"View's smart windows make buildings more sustainable, experiential, healthier, and smarter," said Scott Rechler, Chairman and CEO of RXR. "We look forward to working closely with Howard Lutnick and Cantor Fitzgerald to help View restructure its balance sheet and emerge with a Company that is fit for the future."
Transaction Details
The Proposed Transaction would result in View's existing senior secured term loans and unsecured convertible notes being cancelled and the holders receiving 100% of the equity interests in the reorganized Company and existing equity interests being cancelled.
To facilitate the Proposed Transaction, View, Cantor Fitzgerald, RXR, and certain other investors have executed a Restructuring Support Agreement, dated ...