Investing.com - Beyond Meat Inc (NASDAQ:BYND) a leading producer of plant-based meat substitutes, has initiated balance-sheet restructuring discussions with a group of its bondholders, sources told the Wall Street Journal on Wednesday.
This move has been spurred by the company's declining liquidity over recent quarters as it continues to deplete its cash reserves.
The bondholders, who are owed $1.1 billion through Beyond Meat's convertible notes, are working with the law firm Akin Gump Strauss Hauer & Feld. Meanwhile, Beyond Meat is represented by Latham & Watkins.
The Los Angeles-based company has witnessed an 18% decline in its revenue, which fell to $75.6 million year-over-year in the recent quarter. This financial slump has prompted the company to engage in these restructuring talks in an attempt to improve its financial stability and halt the decline of its shares.