12:09 PM EST, 11/13/2024 (MT Newswires) -- Vroom (VRM) shares were down 24% in recent trading on Wednesday after the company said it started a voluntary bankruptcy proceeding under Chapter 11.

The company said it agreed with creditors and its largest shareholder on Tuesday to restructure its debt and capital structure through a prepackaged Chapter 11 plan.

Vroom said it will seek court approval for routine operations during the process and its units are not expected to file Chapter 11 proceedings.

Price: 6.69, Change: -2.18, Percent Change: -24.58