NBEV - NewAge files for chapter 11 bankruptcy

• NewAge ( NASDAQ: NBEV ) said Tuesday it filed for chapter 11 bankruptcy proceedings in Delaware after completing a strategic review .
• NBEV secured a commitment for a debtor in possession financing facility of $16M, subject to court approval.
• This financing, along with revenue generated from operations, will provide liquidity to support NBEV through the sale process.
• NBEV also filed a motion for court approval of an asset purchase deal with stalking horse bidder DIP Financing.
• NBEV intends to pursue a sale of substantially all of its assets as a going concern in one or more deals.
• The deal with DIP Financing is subject to NBEV receiving higher offers as part of its ongoing auction process.
• NBEV's management will continue to operate the business as debtors in possession.
• The company intends to pay vendors and partners under customary terms for goods and services received on or after the filing date, and to pay employees as usual.
• Shares of NBEV ended 74.2% higher on Tuesday.

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