Updated February 28th, 2024 at 13:17 IST

Amazon aggregator Thrasio Holdings files for bankruptcy

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

Reported by: Business Desk
Amazon aggregator Thrasio Holdings files for bankruptcy | Image:YouTube Screengrab
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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.

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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.

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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.

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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)

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Published February 28th, 2024 at 13:17 IST