Bang Energy’s parent company Vital Pharmaceuticals Inc. has been given a lifeline after it filed for bankruptcy on Bang’s 10-year anniversary earlier this month.
A group of banks — to which Bang already owes more than $350 million — put up $100 million for a credit line when the company filed, and on Thursday, a bankruptcy judge said Bang would be able to tap $34 million of the sum.
The energy drink and fitness supplement company reportedly owes more than $500 million to rival Monster Beverage and California juice maker Orange Bang, as well as $115 million to PepsiCo Inc., which had an exclusive distribution deal with Bang until the latter terminated it eight months after it was signed.
In a bankruptcy hearing on Thursday, Monster reportedly raised concerns that the loan would hurt lower-ranking creditors, and in court papers, the company’s lawyers addressed details of the financing that could halt any potential bids for Bang.
- Bang recently lost a false advertising lawsuit to Monster.
- The pair are also in a battle over trademark infringement.
The judge and Bang’s lawyers said the concerns raised by Monster would be handled at a separate hearing before Bang is allowed to draw the remaining funds.
Bang’s Plan
In a statement earlier this month, Bang CEO Jack Owoc referenced a new distribution network for when PepsiCo stops shipping Bang this month — and claimed he’s committed to keeping the business running.
“We’re coming like a freight train and cannot be stopped,” he said.
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