Vital Pharmaceuticals , the parent company of popular beverage manufacturer Bang Energy, filed for Chapter 11 protection with more than $1.07 billion in listed liabilities.
VPX did not immediately respond to a request for more information about its plans for the Phoenix facility. In January, Monster Energy and its affiliate, Orange Bang, won an arbitration award in California court against VPX over a trademark infringement claim. After the court refused to set that $214.8 million judgment aside, VPX appealed it to the 8th U.S. Circuit Court of Appeals.
VPX also owes $354.8 million in secured debt to its primary lenders, a group led by Truist Bank. DiDonato stated VPX has been in default on that loan since March, and entered a forbearance agreement that ran through Sept. 30. In its news release, VPX said Bang Energy had lost a significant amount of market share since switching its distributor to PepsiCo in April 2020, costing it hundreds of millions of dollars in sales.
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