Wag! Group announces Chapter 11 recapitalization transaction with Retriever

Wag! Group (PET) is pursuing a comprehensive balance sheet restructuring through a voluntary, pre-packaged Chapter 11 process in the U.S. Bankruptcy Court for the District of Delaware. The company’s primary secured lender, Retriever, which constitutes the only voting class under the plan, has already voted to accept the pre-packaged plan of reorganization. The plan provides a clear and expeditious path to reduce debt, transition ownership of the company to Retriever, and position the business for long-term success under private ownership. Retriever – currently the Company’s primary secured lender – will assume ownership of the reorganized company following court approval of the plan. The pre-packaged plan is designed to be implemented on an accelerated basis, with Wag! expecting to emerge from Chapter 11 within approximately 40 days. To support operations during the process, the company has secured a commitment for debtor-in-possession financing from its existing secured lender, Retriever. This financing, combined with cash generated from ongoing operations, is expected to provide liquidity to meet business obligations throughout the court-supervised process. In addition, as part of the company’s reorganization plan, Retriever has also committed to provide exit financing. The plan of reorganization is subject to approval by the U.S. Bankruptcy Court for the District of Delaware.