01:28 PM EDT, 09/30/2024 (MT Newswires) -- BlackRock ( BLK ) has entered a recapitalization agreement that with SellerX that would make it the brand aggregator's largest shareholder, Bloomberg reported Monday.

SellerX confirmed a recapitalization agreement with lenders on its website but did not specify any names.

"With this agreement, we can move forward with renewed vigour, backed by greater financial stability and a robust plan," SellerX Chief Executive said in a statement.

Blackrock ( BLK ), which had initially lent money to SellerX in 2021, is due to take a stake in the business as part of a debt-for-equity swap and refinancing.

SellerX lenders had planned to auction shares in the company, but scrapped the plan earlier this month, according to the report.

BlackRock ( BLK ) and SellerX did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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