Simpson Thacher is representing WW International, Inc. (“WeightWatchers” or the “Company”) in a comprehensive financial reorganization that will be implemented through a pre-packaged chapter 11 plan of reorganization.
WeightWatchers and certain of its affiliates executed a restructuring support agreement on May 6, 2025 with holders of approximately 72% of the outstanding principal amount of the Company’s term loan facility, revolving credit facility and 4.5% senior secured notes, who have committed their support for the reorganization transaction and, as a result, WeightWatchers was able to file for chapter 11 in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) on May 6, 2025 with the support of the requisite supermajority of its lenders and noteholders. Through the transaction, the Company’s first lien lenders and noteholders will receive $465 million in exit term loans and exit notes and 91% of equity in the reorganized company (subject to dilution from an equity incentive plan), and, subject to satisfaction of certain conditions in the restructuring support agreement, the Company’s existing equityholders will receive the remaining 9% of equity in the reorganized company (subject to dilution from an equity incentive plan). The Bankruptcy Court conducted a “first day” hearing on May 8, 2025, at which the Bankruptcy Court granted all of the operational relief requested by the Company and scheduled a combined hearing to consider approval of the Company’s disclosure statement and confirmation of the pre-packaged plan of reorganization for June 17, 2025. WeightWatchers expects to consummate the plan and close the transaction in the second quarter of 2025.
WeightWatchers is the global leader in science-backed weight management, providing an accessible, holistic model of care through its #1 doctor-recommended Points® Program, clinical interventions including weight-loss medications, and community support. Since 1963, WeightWatchers has empowered its millions of members to build healthy habits to live longer lives. The Company’s innovative, trusted spectrum of solutions provides members with the tools and resources they need to reach and sustain their goals wherever they are on their journey.
The Simpson Thacher team includes Elisha Graff, Moshe Fink, Rachael Foust, Dov Gottlieb, Zachary Weiner, Sean Lee, Patrick Murphy and Samrat Basani (Restructuring); Kenneth Wallach, Marisa Stavenas, Catherine Ciriello, Christopher Flynn and Kiley Short (Capital Markets); Brian Steinhardt, Patrick Wolff and Matthew Digirolamo (Credit); Gillian Emmett Moldowan, David Rubinsky and Hannah Daniels (ECEB); Jonathan Goldstein, Andrew Purcell, Kris Liu and Jiha Min (Tax); Charles Mathes and Robert Hayes (PCAP); Lynn Neuner and Alan Turner (Litigation); Kelly Karapetyan (Antitrust); and Anthony Vernace (M&A).