Aug 30 (Reuters) – NewAge Inc (NBEV.O), a direct-to-consumer seller of health and wellness products, filed for bankruptcy on Tuesday and said it plans to sell itself, after disclosing material weaknesses in its financial reporting.
The Midvale, Utah-based company and three affiliates sought Chapter 11 protection from creditors with the U.S. bankruptcy court in Delaware.
Tuesday’s filing came three weeks after the company received a default notice on a loan agreement.
NewAge said it had $310.9 million of assets and $149.4 million of debts as of the end of 2021.
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