Vesttoo seeks to sell company
In a new filing in the Chapter 11 bankruptcy case, Vesttoo’s interim CEO Ami Barlev states that the company is now looking to find a buyer, after it originally announced it is focused on developing a “commercially reasonable and achievable plan” for reforming and conducting its business going-forward.
“While the Debtors initially proposed on September 5, 2023, in their First Interim Report, that they may seek to reorganize, based on negotiations with the Committee, the Debtors are now seeking a quick, private sale to try to maximize value, while mollifying the Committee’s urgent demands,” Barlev stated.
This new development comes as a response to the Official Committee, which had objected the insurtech’s plan to attempt to trade forward, stating that it is a “wasteful pursuit.”
Last week, a filing by the US Trustee called for the Chapter 11 bankruptcy case to be converted to Chapter 7 as “it is in the best interests of the creditors and other parties in interest to have the Debtors’ assets liquidated.”