View, Inc. completed a prepackaged Chapter 11 restructuring in roughly seven weeks, with the Delaware court confirming the debtors' second amended plan on May 20, 2024, and the plan going effective on May 22, 2024, leaving the reorganized debtors operating as a private company under new equity ownership.
View and its affiliates — View Operating Corporation and Iotium, Inc. — filed voluntary Chapter 11 petitions on April 2, 2024 in the District of Delaware (Case No. 24-10692) before Judge Craig T. Goldblatt (Chapter 11 Voluntary PetitionDkt. 1). The San Jose-based maker of electrochromic "smart glass" panels entered the case carrying approximately $286.9 million in funded debt, anchored by $222.3 million of 6.00%/9.00% convertible senior PIK toggle notes due 2027, a $52.1 million first-lien term loan agented by Cantor Fitzgerald Securities, and a $12.5 million equipment term loan from the Mississippi Development Authority. Interim CFO Thomas King's first-day declaration framed the filing as a liquidity and balance-sheet problem rather than a product or technology failure, noting that View had only about $7.3 million of cash across operating accounts at filing (Declaration of Thomas KingDkt. 19).
Because the case arrived prepackaged, the debtors filed their plan and disclosure statement on the petition date and moved quickly to bridge to effectiveness through a combined DIP-and-cash-collateral facility. The court granted interim and then final authority for a $17.5 million senior secured, superpriority delayed-draw term loan from Cantor Fitzgerald Securities, which funded the cases through confirmation. The plan track ran through two amendments, culminating in the Second Amended Joint Prepackaged Plan ().
Judge Goldblatt entered a combined order approving the disclosure statement and confirming the plan on May 20, 2024, finding the plan proposed in good faith and the product of arm's-length negotiations among the debtors and consenting creditors (Confirmation OrderDkt. 201). The plan created nine classes, provided for non-cash distributions on DIP claims through new common interests and a new exit facility, and directed that the reorganized debtors emerge as a private company with new common interests unlisted on any public exchange. Two days later the debtors filed their amended second plan supplement, fixing the post-emergence governance: a five-member board for View TopCo, LLC (with Howard Lutnick designated as an officer) and Dr. Rao Mulpuri continuing as CEO of the member-managed View Operations, LLC (Amended Second Plan SupplementDkt. 209). The plan became effective the same day, closing out a case that traveled from petition to substantial consummation in about seven weeks.
