Isagenix
November 16, 2022
Isagenix International extended its forbearance agreement with secured lenders by two weeks beyond its scheduled November 15 expiration, according to a person familiar with the matter. The agreement allows the company to defer interest and amortization payments on its term loan in exchange for a 1.5 percent payment-in-kind fee.
Isagenix first entered into the forbearance with an ad hoc group of secured lenders on September 23, 2022, calling it a first step toward a holistic solution for its secured debt. Chief executive Sharron Walsh said at the time that the company was working with investors to build a stronger financial foundation and would operate business as usual.
The Gilbert, Arizona based nutrition company sells through independent distributors in 23 markets. Credit rating agencies have cited falling sales, a smaller distributor base and higher costs.