The maker of Bang Energy drinks has filed for Chapter 11 bankruptcy in the US state of Florida.

Vital Pharmaceuticals (VPX) recently lost a $293m lawsuit for false advertising to rival Monster Beverage Corp.

In a press release on Monday, VPX confirmed it had filed for bankruptcy, a move it claimed would allow them to ‘reorganise and regain market share’ from domestic rivals.

“This filing is a restorative action to help the company recover from recent challenges, including multiple lawsuits that impacted the Company’s short-term outlook,” a VPX statement said.

“VPX intends to use the Chapter 11 process to recapitalise and emerge from bankruptcy well-positioned to continue its rapid growth in the beverage market.”

In June, the company announced that it would transition away from its distribution deal with PepsiCo, following a spat between the two companies.

“We are excited about our future, and particularly the new distribution system that we have spent the better part of this year assembling,” said VPX CEO Jack Owoc. “Utilising our new state-of-the-art DSD will allow Bang Energy to get back to our pre-Pepsi meteoric annual success of several hundred percent year over year growth.

“This company was founded on determination and a relentless passion for giving our customers and consumers what they want – and we will continue do so. I know we will successfully emerge from this process as a stronger company.”