Eastside Distilling (EAST) just unveiled an update.
Eastside and its subsidiary, Craft Canning & Bottling, LLC, have entered into a significant Debt Exchange Agreement with a consortium of investors. Under this agreement, the investors will surrender various debt instruments and in return, gain ownership stakes in Craft and newly issued preferred and common stock of Eastside. Additionally, the deal involves the creation of Spirits, Inc., to which Eastside will transfer its spirits business assets and provide the investors with a 47% shareholding. This strategic financial restructuring is aimed at consolidating debt and is poised to reshape Eastside’s business structure and investor relations.
For detailed information about EAST stock, go to TipRanks’ Stock Analysis page.