Smart for Life issues updates on successful completion of restructuring program

The company states: “Smart for Life announced further updates on the successful completion of the Company’s comprehensive restructuring program. As previously announced, the comprehensive program included recapitalization of the Company with equity and debt financings, the sale of certain non-performing assets, the sale and leaseback of the Company’s 18,000 sq. ft. Doral manufacturing facility, the sale of 51% of Ceautamed Worldwide, LLC, a subsidiary, for $3.4 million and the successful liquidation of the Company’s senior debt facility with Diamond Creek Capital. In addition, the Company converted substantial debt obligations to equity materially improving the Company’s balance sheet resulting in an approximate 6-fold positive enhancement of the Company’s Net Shareholders’ Equity to an expected $6 million. The debt conversions also eliminated significant ongoing interest expense incurred by the Company.”