REUTERS — Beyond Meat has engaged with a group of bondholders to initiate discussions about a balance-sheet restructuring, the Wall Street Journal reported.
The group of bondholders, which has interests in Beyond Meat’s $1.1 billion of convertible notes, is working with law firm Akin Gump Strauss Hauer & Feld on the restructuring, said the news report, citing people familiar with the matter.
The faux meat maker’s reduced liquidity is attributed to its cash burn over the past several quarters.
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Demand for Beyond Meat’s products, including burger patties, sausages and ground beef, has weakened as customers such as McDonald’s saw sluggish consumer demand owing to sticky inflation.
For the first quarter, Beyond Meat posted revenue of $75.6 million, compared with analysts’ average estimate of $75.2 million.
