Isagenix Reaches Restructuring Support Agreement to Cut 130 Million in Debt and Shift Majority Ownership
GILBERT, Ariz., February 27, 2023 -- Isagenix International said it reached a Restructuring Support Agreement with an ad hoc group of investors that would eliminate about 130 million dollars of senior secured debt and transfer a controlling stake to the investors.
Founders Jim and Kathy Coover are to contribute 95 million dollars of value through new cash and debt forgiveness and will retain a minority ownership stake. Chief executive Sharron Walsh said the plan establishes a stronger financial foundation to invest in innovation, digital solutions and wellbeing under a sustainable capital structure.
Isagenix, based in Gilbert, Arizona, sells nutrition products for weight loss, performance and healthy aging through independent distributors in 24 markets. The company said it and its advisors would solicit creditor support to implement the agreement.
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