05:34 PM EDT, 04/02/2024 (MT Newswires) -- View (VIEW) shares slumped more than 50% in Tuesday after-hours trading after the company received approval from key shareholders for a balance sheet restructuring plan and to take the company private.

The company said Cantor Fitzgerald, RXR Realty, and other stakeholders have executed a Restructuring Support Agreement, or RSA, to facilitate the proposed transaction.

The plan includes converting existing debt into equity in the reorganized company. View said the parties to the RSA represent 90% of its noteholders and 100% of its term lenders.

The company said a prepackaged Chapter 11 case would be commenced in the District of Delaware and the transaction implemented through a court-supervised process.

It expects to obtain court approval for the transaction within 45 days, after which it expects to emerge as a privately held company with a reorganized board.

Price: 0.52, Change: -0.58, Percent Change: -52.73