Amazon aggregator Thrasio Holdings files for bankruptcy

Bankruptcy filing: Thrasio Holdings, a prominent aggregator of third-party Amazon sellers, has announced its filing for Chapter 11 bankruptcy protection.

Alongside this development, the company revealed on February 28 that it has secured a commitment for $90 million in new financing from its existing shareholders to navigate through its restructuring phase.

In a strategic move to alleviate its financial strain, Thrasio has also reached a restructuring agreement with a portion of its lenders.

This agreement is aimed at reducing its substantial debt load, cutting down $495 million from its existing obligations.

The company's efforts to restructure its finances are evident in the documents filed with the New Jersey's bankruptcy court, which list its estimated assets to be in the range of $1 billion to $10 billion against estimated liabilities of $500 million to $1 billion.

Despite the bankruptcy filing, Thrasio assures that its operations will not be disrupted.

The company also intends to continue its business activities as usual, maintaining the normal state of operation of its acquired third-party Amazon seller businesses throughout the bankruptcy and restructuring process.

(With Reuters Inputs)