Beyond Meat said to talk with bondholders over restructuring; BYND -15%

Beyond Meat (NASDAQ:BYND) has reportedly begun discussions with a bondholder group over a potential balance-sheet restructuring, and the stock has slid 15% after hours.

After an ongoing cash burn, liquidity has shrunk and the plant-based meat-substitute company is engaging with a bondholder group with interests in Beyond Meat’s $1.1B worth of convertible notes, The Wall Street Journal reported, citing people familiar with the matter.

Convertible notes traded around 20 cents on the dollar earlier this month, according to the report.

The company narrowed its net loss slightly year-over-year in the first quarter, though revenues tumbled 18% from the prior year.

In February, Chief Financial Officer Lubi Kutua said Beyond Meat might restructure its balance sheet this year.

At last report, the company had $157.9M in cash and equivalents (down from about $258.6M the year before), with long-term debt of $1.139B.