Following an October 21 update filed with the U.S. Bankruptcy Court, District of Delaware confirming the plans of its reorganization under Chapter 11 of the bankruptcy code, Basic Fun! says that it has “emerged from the process well-positioned for the future.”
The Florida-based company and its subsidiaries plan to move forward with plans to expand product offerings in the months and years ahead powered by $65 million in “new and existing” financing from the company’s lenders and founders.
I am incredibly appreciative of the tremendous efforts made by our team to get us to where we are today. I also sincerely thank our customers, licensors, suppliers and partners in the 60+ countries where we operate for their unwavering support, which was instrumental in achieving today’s positive and successful outcome. Our team looks forward to continuing to work with our partners around the world building our businesses and continuing to bring our iconic, innovative and renowned brands to millions of consumers globally.”
According to Basic Fun!, the company’s sales are set to grow 30% year-over-year in 2024.
The company says that it met all financial obligations and kept its business moving without interruption during the reorganization process.
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