Cutera Inc ( CUTR ) shares are trading lower by 45% to 17 cents during Wednesday’s session after the company announced a restructuring plan involving filing “pre-packaged” Chapter 11 bankruptcy in Texas. The company says the restructuring will reduce its debt by over 90%—nearly $400 million—and raise $65 million in new funding.

What To Know: To facilitate the restructuring process, Cutera ( CUTR ) has filed “pre-packaged” Chapter 11 bankruptcy in Texas but will continue operating without disruption.

CEO Taylor Harris emphasized the move as a step toward sustainable growth with a stronger capital structure. The restructuring plan, already negotiated and approved by lenders, is expected to be completed within 60 days, after which Cutera ( CUTR ) will become a private company with investment firm backing.

What Else: The company has also requested court approval to continue timely vendor payments. Its international entities remain unaffected by the filing.

Cutera ( CUTR ) says the company meanwhile aims to maintain its commitment to innovation and customer service throughout the transition.

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According to data from Benzinga Pro, CUTR has a 52-week high of $3.00 and a 52-week low of $0.16.