New Delaware Chapter 11 Filing – VER Technologies
VER Technologies HoldCo LLC, along with eight subsidiaries and affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10834). VER, a media production equipment and solutions provider, has some familiarity with the Chapter 11 process, having purchased the assets of DigitalSound Production Services in a sale under Section 363 of the Bankruptcy Code in December 2015. Although a first day declaration has not yet been filed, VER’s petition discloses that it enters Chapter 11 having entered into a restructuring support agreement and will be seeking approval of DIP Financing provided by its pre-petition senior lenders. KCC LLC is the proposed claims and noticing agent. The cases have been assigned to the Honorable Kevin Gross.
Contact Norman L. Pernick or G. David Dean for more information regarding this matter. Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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