(Bloomberg) -- View Inc., a window-maker partly owned by SoftBank Group, filed for bankruptcy Tuesday with a proposal to turn itself over to lenders in exchange for reducing its $359 million debt load.

All of the company’s term-loan lenders and 90% of noteholders back the proposal, which could be given final court approval within 45 days, View said in a statement.

The company makes windows for commercial buildings that automatically darken and lighten in response to sunlight, eliminating the need for shades. The windows are installed in 50 million square feet of buildings like hospitals, airports and apartment buildings.

In the bankruptcy petition filed Tuesday in Wilmington, Delaware, View said it had $291 million in assets and that its biggest unsecured debt was $222 million owed to noteholders.  

Investment firm Cantor Fitzgerald and RXR Realty have signed a restructuring agreement backing the bankruptcy proposal. The two firms are also among a group that will loan the company enough money to cover the expenses of the reorganization, according to the statement.

Companies use Chapter 11 of the bankruptcy code to continue operating while they reorganize and develop a plan to reduce debt. View will continue to pay its suppliers and serve customers during the bankruptcy, the company said.

The case is View Inc., 24-10692, US Bankruptcy Court for the District of Delaware (Wilmington)

(Updates with details from bankruptcy filing beginning in first paragraph.)

©2024 Bloomberg L.P.