Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

VER Technologies Bankrupt

0
0

Privately-held VER Technologies HoldCo and eight affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 18-10834.

The Company, which rental production equipment to the entertainment industry, is represented by Domenic E. Pacitti of Klehr Harrison Harvey Branzburg. The bankruptcy filings only affect the Company’s North American operations. VER Technologies HoldCo also announced that, as part of a comprehensive transaction supported by its second lien lenders, including funds managed by GSO Capital Partners, it has entered into an agreement to merge with an entity controlled by Production Resource Group (PRG).

“Entering into this agreement and undertaking the court-supervised restructuring process will greatly reduce VER’s outstanding debt and position the company for the merger with PRG,” notes Digby Davies, C.E.O. of VER Technologies HoldCo. “The actions announced today will provide a stronger capital structure and sufficient cash to fund operations.” In conjunction with the proposed transaction, VER Technologies HoldCo has received commitments from existing lenders, including funds managed by GSO Capital Partners, for up to $364.7 million in debtor-in-possession financing to support its continued operations during the Chapter 11 process.

Jere Harris, chairman and C.E.O. of PRG, comments, “Upon completion of the transaction, we look forward to working closely with the talented VER team to strengthen our business and deliver even greater value and service to our clients.”

Read more bankruptcy news.

The post VER Technologies Bankrupt appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images