Californian vegan-meat maker Impossible Foods mulls new credit line

by   |  VIEW 2284

Californian vegan-meat maker Impossible Foods mulls new credit line

Impossible Foods, the Redwood City, CA-based vegan-meat manufacturer has been exploring options of a new credit line to raise as much as hundreds of millions of dollars, as the plant-based meat substitute maker had been bracing for the financial fallouts of the coronavirus outbreak, at least five people familiar with the issue had unveiled on Tuesday, the 17th of March 2020 on condition of anonymity as the sources were not authorized to speak publicly over the issue.

In tandem, latest Impossible Foods’ move to raise millions in raw liquidity in form of new debts came against the backdrop of a havoc-scale shutdown of restaurants, bars alongside food courts, which used to source plant-based meat substitutes from Impossible Foods, as a clattering claw of coronavirus outbreak had begun to lay off scratch marks on US economy, forcing tens of millions of potential US consumers to lock themselves up amid frets of coronavirus infection.

On top of that, the CA-based Impossible Foods, whose vegan-based burgers were sold in more than 15,000 restaurants across the United States, had been bracing for a sharp plunge in operating profit over the first half of the year, three out of five sources close to Impossible Foods and potential lenders had unveiled on condition of anonymity.

Nonetheless, earlier this week, the vegan-based meat substitute manufacturer had raised a stark sum of $500 million in a series F funding round aimed at fleshing up its tremored production lines amid a steep nosedive in demands.