GoPro, at risk of bankruptcy, is getting a $20 million loan from its founder and inventor as the process for potential sale “continues to progress”

GoPro HERO13 Black action camera held in a hand.

GoPro is in financial trouble – but the action camera giant’s latest move under the threat of potential bankruptcy reflects the company’s founder and CEO’s outlook for the brand. Nicholas Woodman, founder and CEO, is expected to loan the company $20 million through the purchase of shares, the company announced on July 08.

Last month, GoPro filed “going concern” paperwork that informed investors that the lowered sales numbers and higher material costs could mean that the company “may be required to significantly reduce, restructure, cease operations, or seek protection under the Federal bankruptcy laws although no specific plans to file for bankruptcy protection have been initiated or considered.”