PARTS iD Initiates Chapter 11 Reorganization Plan

PARTS iD (IDICQ) has released an update to notify the public and investors about its debt resolution strategies.

PARTS iD, Inc. and its subsidiary have filed for Chapter 11 bankruptcy, aiming to reorganize under a pre-packaged plan involving the equitization of certain loans in exchange for shares in the reorganized company. The plan, which anticipates the company will cease to be publicly traded, has been confirmed by the court but awaits fulfillment of conditions precedent. The reorganization will preserve operational contracts and provide for various claim settlements, while the new governance structure will see Sam Yagan as the sole initial director post-emergence.

For further insights into IDICQ financials, check out TipRanks’ Financials page.

For a comprehensive understanding of the announcement, you can read the full document here.