Dr. Gleb Tsipursky – The Office Whisperer
Nirit Cohen – WorkFutures
Angela Howard – Culture Expert
Drew Jones – Design & Innovation
Jonathan Price – CRE & Flex Expert
Serendipity Labs is looking to restructure its operations by filing for Chapter 11 bankruptcy after it failed to refinance its debt.
New York-based Serendipity Labs filed for Chapter 11 in the U.S. bankruptcy court for the Northern District of Georgia, which was caused by the company not being able to pay off or refinance a $4 million loan from HALL Group.
John Arenas, CEO of Serendipity Labs, said that the company is seeking new investments to pay off its obligations and come out of the bankruptcy. However, if that doesn’t work, he said he would look to sell the company next year.
Arenas added that the company was unable to refinance the loan due to government mandates closing several of its locations.
“This is a reorganization. It isn’t a liquidation, it isn’t a fire sale, it isn’t a company that’s ending,” said Arenas. “It’s a company that’s using the bankruptcy laws to reorganize itself, to optimize the benefit to creditors, to pay them all, and to move on and continue to operate, which is why these laws were set up.”
HALL Group led the coworking firm’s Series C investment round, and reportedly refused to extend the loan’s maturity date. However, HALL Group has disputed some of the company’s statements.
“John and Serendipity have made numerous assertions that we do not believe are borne out by the facts,” a spokesperson for HALL Group stated. “We’ve responded to such assertions in our public filings with the bankruptcy court and welcome review of those filings.”
