: SmileDirectClub files Chapter 11 bankruptcy, founders to recapitalize

SmileDirectClub Inc. SDC said late Friday it is voluntarily filing for Chapter 11 bankruptcy protection as founders are investing to recapitalize the teeth-straightening company. SmileDirectClub shares were halted at an 0.8% gain in the extended session Friday, having closed the regular session down 6.6% at 87 cents a share. The company said its “founders have committed to invest at least $20 million to bolster the company’s balance sheet and to protect its near- and long-term financial health,” and that “up to $60 million of additional capital is available upon satisfaction of certain conditions.” The company filed for Chapter 11 bankruptcy protection in the southern district of Texas.

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