Wag! Group Co. Announces Recapitalization Transaction with Retriever LLC
Wag! Group Co. (NASDAQ: PET), a platform for pet household services, has announced a significant restructuring through a voluntary, pre-packaged Chapter 11 bankruptcy process. The company has reached an agreement with its primary secured lender, Retriever LLC, who will assume ownership following court approval.
The expedited restructuring plan is expected to complete within 40 days, during which operations will continue uninterrupted. Retriever LLC will provide debtor-in-possession (DIP) financing and exit financing to support operations. The plan aims to reduce debt and position Wag! for long-term success under private ownership.
Wag! Group Co. (NASDAQ: PET), una piattaforma per servizi dedicati agli animali domestici, ha annunciato una ristrutturazione significativa tramite un processo volontario e preconfezionato di fallimento Chapter 11. L'azienda ha raggiunto un accordo con il suo principale creditore garantito, Retriever LLC, che assumerà la proprietà dopo l'approvazione del tribunale.
Il piano di ristrutturazione accelerato dovrebbe concludersi entro 40 giorni, durante i quali le operazioni proseguiranno senza interruzioni. Retriever LLC fornirà finanziamenti come debitore in possesso (DIP) e finanziamenti per l'uscita per supportare le attività. L’obiettivo del piano è ridurre il debito e posizionare Wag! per un successo a lungo termine sotto proprietà privata.
Wag! Group Co. (NASDAQ: PET), una plataforma de servicios para hogares con mascotas, ha anunciado una reestructuración significativa a través de un proceso voluntario y preempaquetado de bancarrota bajo el Capítulo 11. La compañía ha llegado a un acuerdo con su principal prestamista garantizado, Retriever LLC, que asumirá la propiedad tras la aprobación judicial.
Se espera que el plan de reestructuración acelerado se complete en 40 días, durante los cuales las operaciones continuarán sin interrupciones. Retriever LLC proporcionará financiamiento como deudor en posesión (DIP) y financiamiento para la salida para apoyar las operaciones. El plan busca reducir la deuda y posicionar a Wag! para un éxito a largo plazo bajo propiedad privada.
Wag! Group Co. (NASDAQ: PET)는 반려동물 가정 서비스 플랫폼으로, 자발적이고 사전 준비된 챕터 11 파산 절차를 통한 대대적인 구조조정을 발표했습니다. 회사는 주요 담보 대출 기관인 Retriever LLC와 합의에 도달했으며, 법원 승인 후 소유권을 인수할 예정입니다.
신속한 구조조정 계획은 40일 내에 완료될 것으로 예상되며, 그 기간 동안 운영은 중단 없이 계속됩니다. Retriever LLC는 채무자 인수(DIP) 자금 및 종료 자금을 제공하여 운영을 지원할 것입니다. 이 계획은 부채를 줄이고 Wag!를 민간 소유 하에 장기적인 성공을 위한 위치에 놓는 것을 목표로 합니다.
Wag! Group Co. (NASDAQ : PET), une plateforme de services pour les foyers d’animaux de compagnie, a annoncé une restructuration importante via une procédure volontaire de faillite préemballée en vertu du chapitre 11. L’entreprise a conclu un accord avec son principal prêteur garanti, Retriever LLC, qui prendra possession après l’approbation du tribunal.
Le plan de restructuration accéléré devrait être finalisé en 40 jours, durant lesquels les opérations continueront sans interruption. Retriever LLC fournira un financement de débiteur en possession (DIP) ainsi qu’un financement de sortie pour soutenir les opérations. Le plan vise à réduire la dette et à positionner Wag! pour un succès à long terme sous propriété privée.
Wag! Group Co. (NASDAQ: PET), eine Plattform für Haustierdienstleistungen, hat eine bedeutende Umstrukturierung durch ein freiwilliges, vorverpacktes Chapter-11-Insolvenzverfahren angekündigt. Das Unternehmen hat eine Vereinbarung mit seinem Hauptgesicherten Kreditgeber, Retriever LLC, getroffen, der nach gerichtlicher Genehmigung die Eigentümerschaft übernehmen wird.
Der beschleunigte Restrukturierungsplan soll innerhalb von 40 Tagen abgeschlossen sein, währenddessen der Betrieb ununterbrochen weiterläuft. Retriever LLC wird Debtor-in-Possession (DIP)-Finanzierung und Exit-Finanzierung bereitstellen, um den Betrieb zu unterstützen. Ziel des Plans ist es, die Schulden zu reduzieren und Wag! für langfristigen Erfolg unter privater Eigentümerschaft zu positionieren.
- None.
- Company filing for Chapter 11 bankruptcy protection
- Current shareholders likely to lose their investment as ownership transfers to Retriever LLC
- Significant debt issues requiring complete restructuring
- Company transitioning from public to private ownership
Insights
Wag! enters pre-packaged Chapter 11, transferring ownership to creditor Retriever LLC with expected 40-day timeline.
This pre-packaged Chapter 11 filing represents a complete ownership transition from Wag! Group's current shareholders to Retriever LLC, its primary secured lender. The expedited timeline of approximately 40 days indicates this plan was negotiated extensively before filing. With Retriever already voting to accept the reorganization plan as the only voting class, the process is streamlined for court approval.
The restructuring fundamentally wipes out existing equity holders. When a company transitions ownership to its lender through Chapter 11, public shareholders typically receive little to no recovery. The phrase "transition ownership" signals that current shareholders will be substantially diluted or eliminated entirely.
The DIP (debtor-in-possession) financing from Retriever provides crucial operating capital during bankruptcy, while the committed exit financing creates a pathway for emergence. Post-emergence, Wag! will become a private company under Retriever's ownership, eliminating its Nasdaq listing obligations.
This structured approach offers Wag! operational continuity and debt reduction but comes at the cost of existing shareholder value. The accelerated timeline and pre-arranged nature suggest the company faced significant financial distress requiring immediate action. Retriever's willingness to provide DIP financing indicates they see underlying value in Wag!'s business model despite its current financial challenges.
Initiates Chapter 11 Proceeding via Pre-Packaged Plan of Reorganization
Operations Across Business Segments to Continue Without Interruption During Chapter 11 Process and Beyond
SAN FRANCISCO, July 21, 2025 (GLOBE NEWSWIRE) -- Wag! Group Co. (the “Company” or “Wag!”; Nasdaq: PET), which strives to be the number one platform to solve the service, product, and wellness needs of the modern U.S. pet household, today announced that it is pursuing a comprehensive balance sheet restructuring through a voluntary, pre-packaged Chapter 11 process in the U.S. Bankruptcy Court for the District of Delaware. The Company’s primary secured lender, Retriever LLC (the "lender” or “Retriever”), which constitutes the only voting class under the plan, has already voted to accept the pre-packaged plan of reorganization. The plan provides a clear and expeditious path to reduce debt, transition ownership of the Company to Retriever, and position the business for long-term success under private ownership.
Under the terms of the plan, Retriever – currently the Company’s primary secured lender – will assume ownership of the reorganized Company following court approval of the plan. As structured, the pre-packaged plan is designed to be implemented on an accelerated basis, with Wag! expecting to emerge from Chapter 11 within approximately 40 days.
“This process enables us to move forward with a clear plan and a strong partner who shares our vision for the future,” said Garrett Smallwood, CEO and Chairman of Wag!. “Retriever’s ongoing support—along with their long-term investment in our business—will provide the financial and operational flexibility we need to continue serving our customers while positioning our business for sustainable growth and long-term success. With a well-capitalized balance sheet post-emergence and additional capital to support future growth, we believe the Company will be well-positioned to thrive over the long-term.”
To support operations during the process, the Company has secured a commitment for debtor-in-possession (“DIP”) financing from its existing secured lender, Retriever LLC. This financing, combined with cash generated from ongoing operations, is expected to provide liquidity to meet business obligations throughout the court-supervised process. In addition, as part of the Company’s reorganization plan, Retriever LLC has also committed to provide exit financing, further reinforcing the Company’s path to a stable and well-capitalized emergence. The Company believes it will emerge with a strengthened financial foundation and the resources needed to execute on its long-term strategic priorities.
The plan of reorganization is subject to approval by the U.S. Bankruptcy Court for the District of Delaware. Wag! believes it has a clear and executable path toward confirmation and emergence.
Additional information regarding the Chapter 11 process, including court filings and related materials, will be made available at https://dm.epiq11.com/WagGroupCo.
Advisors
Wag! is represented by Young Conaway Stargatt & Taylor, LLP as restructuring counsel, Latham & Watkins LLP as corporate counsel and Portage Point Partners as restructuring advisor. Retriever is represented by The Tuhey Law Firm LLC and Honigman LLP as its legal counsel.
About Wag! Group Co.
Wag! Group Co. strives to be the number one platform to solve the service, product, and wellness needs of the modern U.S. pet household. Wag! pioneered on-demand dog walking in 2015 with the Wag! app, which offers access to 5-star dog walking, sitting, and one-on-one training from a community of over 500,000 Pet Caregivers nationwide. In addition, Wag! Group Co. operates Petted, one of the nation’s largest pet insurance comparison marketplaces; Dog Food Advisor, one of the most visited and trusted pet food review platforms; WoofWoofTV, a multi-media company bringing delightful pet content to over 18 million followers across social media; and maxbone, a digital platform for modern pet essentials. For more information, visit Wag.co.
About Retriever LLC
Retriever is a privately held company that provides lending and institutional support to pet related businesses.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These statements include those related to the pre-packaged plan of reorganization, continued operations across business segments without interruption during the Chapter 11 process and beyond, the path to reduce debt and position the business for long-term success, the assumption of ownership by Retriever, implementation of the pre-packaged plan of reorganization on an accelerated basis and the expected timing of emergence from Chapter 11, Retriever’s ongoing support and investment, the Company’s well-capitalized balance sheet and additional capital to support future growth, the Company’s position over the long-term, DIP financing, expectations regarding liquidity to meet business obligations, exit financing, the path to emergence from Chapter 11, the Company’s financial foundation and resources to execute on long-term strategic priorities. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: our expectation that our operations will continue following the commencement of the Chapter 11 proceedings; our ability to obtain approval from the bankruptcy court with respect to motions or other requests made to the court throughout the course of the Chapter 11 cases, including with respect to DIP and exit financing; potential risks associated with Chapter 11 proceedings; risks related to our indebtedness may restrict our current and future operations, and we may not be able to comply with the covenants in the DIP or exit loan facilities; employee attrition and our ability to retain senior management and other key personnel due to distractions and uncertainties related to the bankruptcy process; and substantial doubt regarding our ability to continue as a going concern. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s filings with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact Us
Media: Media@wagwalking.com
Investor Relations
Wag!: IR@wagwalking.com
Gateway for Wag!: PET@gateway-grp.com
FAQ
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