SmileDirectClub Inc. is in talks with its founders and creditors about a plan to save the once high-flying dental aligner company from liquidation.

Publicly traded SmileDirectClub filed for bankruptcy in late September with plans to hunt for a buyer. While no third-party suitor emerged by an agreed deadline, new court papers show, founders Jordan Katzman and Alex Fenkell have since offered to take over the business and invest fresh cash. 

The proposal calls for Fenkell and Katzman to extend $30 million of debt to SmileDirectClub — on top of the $20 million they already lent to fund its search for a rescuer — and put as much as $25 million of new equity into the business, court papers show. In exchange, the founders would receive 100 percent of the reorganized company. 

A representative for SmileDirectClub said in an emailed statement that the company is working with its founders and financial stakeholders to find a path forward and will provide updates in the days ahead.

SmileDirectClub needs to get its other lenders and low-ranking creditors on board with the plan. It had nearly $900 million of debt at the time of its bankruptcy filing, about $138 million of which is a private credit facility administered by HPS Investment Partners and secured by the company’s receivables and intellectual property.

A spokesperson for HPS declined to comment. Lawyers for the founders didn’t immediately respond to a request for comment.