JRJRQ - JRjr33, inc (JRJRQ)

[PBGoodwill]

8K 07/06/2018

Item 1.03 Bankruptcy or Receivership.



On June 29, 2018, JRjr33, Inc. (the “ Company ”) and its subsidiary The Longaberger Company (the “ Subsidiary ” and collectively with the Company, the “ Debtors ”) filed petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas. No trustee has been appointed, and the Debtors will continue to operate their businesses as “debtors in possession” under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court. The Debtors expect to continue their operations without interruption during the pendency of the Chapter 11 Cases. To maintain and continue uninterrupted ordinary course operations during the Chapter 11 Cases, the Debtors have filed a variety of “first day” motions seeking approval from the Court for various forms of customary relief.



Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.



The filing of the Bankruptcy Petitions described in Item 1.03, in addition to other events, constitutes an event of default that accelerated the Company’s obligations under the following Agreements: The Securities Purchase Agreement, the Senior Secured Guaranteed Convertible notes, the Security Agreement and Common Stock Purchase Warrant, and Subsidiary Guarantees dated October 19, 2017 between the Company and JGB Collateral, LLC.


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