Tattooed Chef plans to file for bankruptcy

https://www.globenewswire.com/news-release/2023/06/30/2698078/0/en/Tattooed-Chef-Intends-to-file-for-Voluntary-Chapter-11-Bankruptcy-Protection-and-Pursue-a-Sale-of-Assets-Under-Section-363-of-the-U-S-Bankruptcy-Code.html

Tattooed Chef, Inc. (Nasdaq: TTCF) (“Tattooed Chef” or the “Company”), a leader in plant-based foods, announced today that it intends to file for protection under Chapter 11 of the U.S. Bankruptcy Code (“Bankruptcy Code”) in the United States Bankruptcy Court for the Central District of California (“Bankruptcy Court”) and intends to pursue a sale of substantially all of its assets under Section 363 of the Bankruptcy Code. In accordance with the sale process under Section 363 of the Bankruptcy Code, the Company will market its assets and solicit competing bids from interested parties. The bidding process is designed to achieve the highest and best price for the Company’s assets. The Company will manage the bidding process and evaluate any bids received, in consultation with its advisors and as overseen by the Bankruptcy Court. The Company seeks to complete an expedited sale process, with any sales subject to review by creditors and approval by the Bankruptcy Court.

The Company expects to continue operations during the Chapter 11 process, including, but not limited to, paying employees and continuing existing benefits programs, meeting commitments to customers and fulfilling go-forward obligations, including key vendor payments. To help fund its operations during this process, the Company is finalizing the terms of debtor in possession financing to be provided by its existing secured lender.

“I remain ever grateful to our colleagues at Tattooed Chef who helped to shape this remarkable journey and help to introduce plant-based foods and healthy eating to consumers across the country,” said Sam Galletti, Chairman and CEO. “Despite their commitment to our mission and our best efforts to maintain the operations of Tattooed Chef, our business has continued to be impacted by a challenging financing environment and an inability to raise additional capital. These factors, among others, in the view of the management team and Board of Directors necessitated the Chapter 11 filing.”