Filing Alert: Wag! Chapter 11
Wag! Group Co. Files Chapter 11 in District of Delaware
Wag! Group Co. and its debtor affiliates⁽¹⁾, a San Francisco, CA-based provider of technology-enabled pet care services, filed for Chapter 11 protection on Jul. 21 in the U.S. Bankruptcy Court for the District of Delaware.
The filing follows multiple failed attempts to address liquidity pressures stemming from pandemic-era revenue declines that resulted in approximately $70 million in cumulative net losses from 2022 through 2024. With just $1.7 million in cash and a $16.3 million secured term loan maturing in August 2025, proceeds from an $8.6 million equity offering and the recent $5 million divestiture of its Furscription software platform proved insufficient.
Pursuant to a prepackaged restructuring support agreement with senior secured lender Retriever LLC, the term loan will be equitized in exchange for 100% of the reorganized equity and $5 million of new notes. The plan is supported by a $6.5 million DIP facility and contemplates full recovery for general unsecured creditors.
The company reports $29.4 million in assets and $29.9 million in liabilities (as of Dec. 31, 2024). The case number is 25-11358.
⁽¹⁾ For a complete list of debtor entities, see the Chapter 11 Debtors table.
Chapter 11 Debtors
Top Unsecured Claims
Key Parties
Counsel:
- Michael R. Nestor
- Young Conaway Stargatt & Taylor, LLP
- Email: mnestor@ycst.com
Financial Advisor:
- Triple P TRS, LLC
Signatories:
- Alec Davidian – Authorized Signatory
Claims Agent:
Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.
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