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TNTR

Tintri

$0.21

0.0336 (19.38%)

12:25
07/10/18
07/10
12:25
07/10/18
12:25

Tintri announces bankruptcy filing, non-binding letter of intent

Tintri announced that, on July 10, 2018, it filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Tintri will continue to operate its businesses as a debtor-in-possession under the jurisdiction of the bankruptcy court. Tintri intends to continue its efforts to enter into a strategic transaction, including a sale of the company or its assets, following the bankruptcy filing. In this regard, the company has entered into a letter of intent with DataDirect Networks, which contemplates the purchase of substantially all of the company's assets by DDN under Section 363 of Title 11 of the United States Code. The DDN letter of intent is non-binding and provides no guarantee that a transaction will be completed. The terms of any potential transaction with DDN, or any other strategic counterparty, are subject to a number of contingencies, including the negotiation and execution of definitive transaction agreements, the completion of a bidding process as provided for by the bankruptcy court, and final approval of the bankruptcy court. Consequently, there can be no assurance that Tintri's efforts to consummate a strategic transaction, including the proposed transaction with DDN, will be successful. Furthermore, even if Tintri were to complete a strategic transaction, the proceeds of any such transaction may be insufficient to allow the company to pay its creditors in full. In any event, Tintri does not anticipate that its stockholders will receive any return on their shares. Additionally, Tintri has arranged for financing that is intended to bridge the company to a strategic transaction. This financing is expected to consist of amounts available under a proposed superpriority secured debtor-in-possession credit facility with TriplePoint Capital, LLC, as well as the continued use of accounts receivable collections under the company's secured credit facility with Silicon Valley Bank. This financing is subject to, among other things, the approval of the bankruptcy court.

TNTR Tintri
$0.21

0.0336 (19.38%)

09/20/17
09/20/17
DOWNGRADE

Underperform
Tintri downgraded to Underperform at Raymond James
As previously reported, Raymond James downgraded Tintri to Underperform from Outperform. Analyst Simon Leopold said the weak share price will make employee retention challenging and the potential loss of key staff increases risks in achieving financial targets.
09/21/17
NEED
09/21/17
DOWNGRADE
NEED
Hold
Tintri downgraded to Hold from Buy at Needham
12/14/17
KEYB
12/14/17
DOWNGRADE
KEYB
Sector Weight
Tintri downgraded to Sector Weight from Overweight at KeyBanc
KeyBanc analyst Alex Kurtz downgraded Tintri to Sector Weight citing continued sales challenges following the company's Q3 results. The analyst sees "multiple headwinds," including apparent concerns from end-customers related to Tintri's cash position.
12/14/17
BOFA
12/14/17
DOWNGRADE
Target $5
BOFA
Underperform
Tintri downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Wamsi Mohan downgraded Tintri to Underperform and lowered its price target to $5 from $7 following the Q3 miss and "disappointing" guidance. Mohan significantly lowered his revenue estimates and is taking a more cautious view on a revenue recovery.

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