Plant-based meat producer Beyond Meat Inc. shares plunged to an all-time low after making debtholders an offer that will erase more than $800 million of debt, but also much of the stock’s value.
Around 47% of holders of the company’s $1.15 billion convertible notes maturing in 2027 have already agreed to replace them with up to $203 million of new bonds due in 2030, as well as 326 million shares of its common stock, according to a filing Monday. The new arrangement, known as “payment in kind,” means Beyond Meat will be able to pay interest with additional debt rather ...
