A creditor committee is convened
A creditor committee is convened to run the company’s obligations through the disaster in an orderly way.
On November 22, 2024 the company convened a creditor committee to handle its obligations following the loss of the facility.
What followed was an eighteen-month unwinding involving suppliers, lenders and counsel across multiple states, conducted without a bankruptcy filing. The company has described the process as a disaster exit rather than a restructuring, and has been notably candid about its cost, including the effect on the founder’s personal credit and the difficulty of obtaining relief.
The conclusion the company drew from the experience is a general one and it has stated it publicly: an established business with access to capital rebuilds after a disaster, and a business without that access is permitted to fail regardless of how well it was run. That observation, made from inside the situation, became the basis of the advocacy work that followed.