Nearly All Vroom Convertible Note Holders Back Restructuring

Auto financier Vroom’s restructuring plan received support from holders of 98% of its convertible debt, according to an attorney representing the firm.

• The transaction will restructure a $290 million convertible bond and give those holders about 93% of the reorganized firm’s ownership, Porter Hedges attorney Eric Michael English, who represents Vroom, said at a Friday bankruptcy court hearing
  • Existing equity holders would get the remaining stake in Vroom, which filed for bankruptcy last week
  • A bankruptcy court judge agreed to schedule a Jan. 8 hearing to consider confirmation of the plan
  • The company plans to make the debt plan ...