(Reuters) -NewAge Inc, a direct-to-consumer seller of health and wellness products, filed for bankruptcy on Tuesday and said it plans to sell itself, after disclosing material weaknesses in its financial reporting.
The Midvale, Utah-based company and three affiliates sought Chapter 11 protection from creditors with the U.S. bankruptcy court in Delaware.
Tuesday's filing came three weeks after the company received a default notice on a loan agreement.
NewAge said it had $310.9 million of assets and $149.4 million of debts as of the end of 2021.
In a regulatory filing, NewAge said it received a $28 million bid from an entity known as DIP Financing LLC to buy substantially all its assets, subject to court approval and higher bids.
NewAge also said it lined up $16 million in financing to help it operate while it restructures.
The company has not filed annual or quarterly reports this year, after finding a material weakness in its 2020 annual report related to how it reported acquisitions.
In March, NewAge corrected disclosures regarding its sale of CBD-infused (cannabidiol) beverages, saying some were made on its behalf without authorization, and a former chief executive knew its direct store distribution division sold the beverages.
(Reporting by Jonathan Stempel in New York; Editing by Mark Porter and Josie Kao)
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