The bankruptcy pileup illustrates the real-world consequences of the end of the free-money era.
Monday night after a fall from grace that accelerated when the pandemic cratered demand for office space.SmileDirectClub, whose CFO said "time is of the essence" when the tooth alignment companyEach company took its own idiosyncratic path to financial crisis — but each one must now confront the new normal: Obtaining financing or arranging a sale to continue operations is much more challenging than it used to be.
At SmileDirectClub, for example, advisers contacted more than 60 parties in its quest for financing or a deal beginning in July 2023 but came up with nothing, CFO Troy Crawford said in a court filing. The tooth alignment company's "inability to raise any third-party financing" was key to decision to seek restructuring help, Crawford said.Unable to find new funding, the chain ended up selling its brand name and website to Overstock.com, whose CEOWeWork executives have negotiated a debt restructuring plan with secured creditors that may allow the company to emerge as a sustainable company — likely after getting out from under unprofitable leases.
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