View Inc. announced it reached an agreement with Cantor Fitzgerald, L.P. and RXR and certain of the company’s stakeholders on the terms of a financial restructuring that is designed to strengthen the firm’s balance sheet and better position View for the future.
To ensure a timely process, View and certain of its subsidiaries will commence pre-packaged Chapter 11 cases in the District of Delaware. During this time, View expects its operations to continue as normal. View also expects that trade claims will be unaffected, orders will continue to be fulfilled and customers will continue to be supported.
The company expects to obtain court approval for the proposed transaction within 45 days of April 2, 2024. Shortly thereafter, View expects to emerge as a privately held company with a reorganized board of directors, whereby Howard Lutnick, chairman and CEO of Cantor Fitzgerald, and Scott Rechler, chairman and CEO of RXR, will provide support and guidance to View on its operational structure and corporate strategy.
What people are saying
“Today’s announcement marks the culmination of a thorough strategic review of our business operations to help ensure we have the proper capital structure going forward,” says View CEO Rao Mulpuri. “With the support of Cantor Fitzgerald and RXR, we intend to maximize our business potential with increased financial stability and be better positioned to increase our presence across the real estate ecosystem. Over the years, we made significant progress in building our business and, today, have well-established products, operations and customers. We remain committed to our mission of creating smart, healthy and sustainable buildings.”
“We continue to be impressed with View’s products and software services,” says Lutnick. “Our financing is intended to allow View to continue to develop their innovative offerings for the real estate industry.”
“View’s smart windows make buildings more sustainable, experiential, healthier and smarter,” says Rechler. “We look forward to working closely with Howard Lutnick and Cantor Fitzgerald to help View restructure its balance sheet and emerge with a company that is fit for the future.”
