Beyond Meat engages with bondholders to discuss balance-sheet restructuring, WSJ reports

(Reuters) – Beyond Meat (NASDAQ:) has engaged with a group of bondholders to initiate discussions about a balance-sheet restructuring, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. 

The group of bondholders, which has interests in Beyond Meat’s $1.1 billion of convertible notes, is working with the law firm Akin Gump Strauss Hauer & Feld on the restructuring, the WSJ reported.

Shares of the Los Angeles-based company fell 13% following the report.

The company’s reduced liquidity is attributed to its cash burn over the past several quarters.

Beyond Meat and the law firm did not immediately respond to Reuters requests for comment.