Newmark Group has agreed to provide debtor-in-possession (DIP) financing to Knotel, Inc. and acquire Knotel’s business through its Chapter 11 sales process.
“We look forward to supporting Knotel through this difficult period,” said Barry Gosin, Newmark CEO. “We are providing capital to Knotel so it can right-size its business for the path forward.”
“Newmark’s commitment offers a path forward amidst this challenging climate,” said Amol Sarva, Knotel, co-founder and CEO of Knotel. “We are optimistic that, through a successful restructuring, we can refocus on our mission of providing state-of-the-art, tailored flex space in key U.S. and international markets. We have engaged Hilco Real Estate, a real estate restructuring specialist, to assist Knotel.”
To facilitate this transaction under Section 363 of the United States Bankruptcy Code, an affiliate of Newmark has agreed to provide Knotel with approximately $20 million in cash as DIP financing t
