Enters into an agreement to provide DIP financing to ZURVITA to initiate the Chapter 11 process by Investing.com

Gothenburg, Sweden, December 22, 2024 /PRNewswire/ — Zenzino In a press release dated 20240617, it announced a letter of intent to acquire 100% of the shares of the North American direct selling company. Zorvita company It is signed “Zurvita or the Company”. since then, Zenzino Negotiated with owners Zorvita company Instead it concluded that the purchase of Zurvita's assets in the company's Chapter 11 proceedings had occurred Zenzino Best interest.

Zenzino Zurvita provides debtor-in-possession (DIP) financing, which has filed for Chapter 11 bankruptcy proceedings at December 20, 2024. By entering as a funder in Chapter 11 of Zurvita with total loans 4.5 million US dollars, Zenzino At the same time, he makes an offer to acquire the company's assets via a so-called stalking horse bid. If the offer is accepted, the DIP Loan will be converted into a portion of the debt-paid purchase price, which will be determined after Zurvita completes the sale subject to higher and better offers in accordance with the applicable terms of Chapter 11 Other bidders are entitled to bid for Zurvita during the process, and if Another offer accepted, Zenzino The loan will be repaid and some of the costs associated with the operation will be paid.

Zurvita is a direct selling health company with operations in US, Canada and Mexico. The brand portfolio offers a range of innovative health and wellness products. The company's total annual sales are approx 30 million US dollars With good gross margins. Possible deal with Zenzino It is expected to add growth through synergies arising from combined networks, along with… Zenzino Test-driven product concept. Therefore, the profitability of the company will be able to develop well by taking advantage of it Zenzino Current technical platform and regulation.

A prudent mindset, technology-first perspective, test-based nutrition at the cellular level and a strong position to capitalize on current trends will form the foundation of the new partnership. Following the acquisition of VMA Life in 2020, Enhanzz in 2022, the strategic partnership with ACN and the recently completed asset acquisition of Xelliss, Zenzino It is looking for more strong investments to maintain its sustainable and profitable growth, enhance its distribution capacity, expand into new markets and leverage the product range in new consumer areas.

• “Individualized advice and personalized solutions are the future, and not just in health and wellness,” he says. Die Bergheim PetersenCEO of the company Zenzino. “Together, we have years of combined industry experience and everything it takes to drive a modern, personalized shopping experience through direct selling.” Jay ShaferCEO and co-founder of Zurvita, says, “After considering multiple options for the company and with the guidance of our attorneys and outside advisors, we feel this represents the best opportunity to continue Zurvita’s mission, deliver the highest quality products, and provide continuity for our employees and advisors. We are excited to see what the future holds for Zurvita.” ”

For more information:Die Bergheim Petersen CEO Zenzino +47 (0) 932 25 700, www.zinzino.com

Photos to publish for free:
Marketing@zinzino.com

Certified Consultant:
Carnegie Investment Bank AB (to publish)

Zinzino AB (pub.) is obliged to publish this information in accordance with current EU regulations governing market abuse. The information was provided by the above contact for publication at 20.00 on the 21st December 2024.

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https://news.cision.com/zinzino/r/zinzino-ab–publ–enters-into-agreement-to-provide-dip-financing-to-zurvita-initiating-chapter-11-pr,c4086040

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