NewAge Inc. (Ariix, Morinda) Files For Bankrupcy Under Chapter 11

A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a “reorganization” bankruptcy.

Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.

According to a NewAge press release:

NewAge, Inc. (Nasdaq: NBEV) (the “Company”), the Utah-based direct-to-consumer (D2C) organic and healthy products company, today announced that on August 30, 2022 the Company and certain of its subsidiaries, Ariix LLC, Morinda Holdings, Inc., and Morinda, Inc. (collectively, the “Debtors”), each filed a voluntary petition for relief under chapter 11 (“Chapter 11”) of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), thereby commencing Chapter 11 cases to facilitate a value-maximizing sale process.

The Company has determined that the Chapter 11 process is the most expeditious way to pursue a strategic transaction and protect and preserve value for all stakeholders.

The Company, with the help of its advisors, has secured a commitment for a “debtor in possession” financing facility of $16.0 million, subject to court approval.

This capital, together with revenue generated from ongoing operations, will provide liquidity to support the Company through the sale process.

The Company also is filing a motion to obtain court approval of an asset purchase agreement with a “stalking horse” bidder, DIP Financing, LLC. The Company intends to pursue a sale of substantially all its assets as a going concern in one or more transactions. This transaction is subject to court approval and any higher or better offers as part of the Company’s ongoing auction process.

The Debtors’ management team will continue to operate the business as “debtors in possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

The Debtors are seeking approval of a variety of “first day” motions containing customary relief intended to enable the Company and its subsidiaries to continue operations in the ordinary course.

The Debtors intend to pay vendors and partners under customary terms for goods and services received on or after the filing date and to pay employees in the usual manner and continue their primary benefits without disruption. The Debtors expect to receive court approval for all of these routine requests.

Additional information about the Chapter 11 case, including access to Bankruptcy Court documents, is available online at, the Debtors’ restructuring website administered by Stretto, a third-party bankruptcy claims and noticing agent.

About NewAge, Inc. 

NewAge is a purpose-driven firm dedicated to inspiring the planet to Live Healthy™. The Utah-based Company commercializes a portfolio of organic and healthy products worldwide primarily through a direct-to-consumer (D2C) route to market distribution system across more than 50 countries.

The company competes in three major category platforms including health and wellness, inner and outer beauty, and nutritional performance and weight management — through a network of exclusive independent Brand Partners, empowered with the leading social selling tools and technology available worldwide. More information on the Company can be found at

Get more information, facts and figures about NewAge, click here for the NewAge overview.

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