New owner files lawsuit against former company executives; SEC charges former CEO
By: Stephanie Ramirez
NewAge, a Utah-based health and wellness direct seller, has endured a turbulent year as bankruptcy filings, lawsuits and regulatory scrutiny have plagued the company over the past several months.
The company was recently sold to a “stalking horse” bidder for $28 million. The U.S. bankruptcy court approved the sale in late September 2022. However, just days after taking ownership, the new owner of NewAge hit former executives of the company with a lawsuit outlining a myriad of grievances.
The new owner, DIP Financing LLC, whose only known representative is John Wadsworth, provided the sole bid to purchase NewAge at a price grossly insufficient to allow for any sort of recovery for equity holders or creditor claims.
This content is restricted to site members. If you are an existing user, please log in. New users may register below.