The US Bankruptcy Court has given its approval to a Plan of Reorganisation submitted by Oslo-based OTT services provider Vewd Software AS.
Under the Plan, Vewd’s pre-petition secured lenders will exchange their existing debt for equity in a reorganised business and provide new capital to bolster the company’s finances. The Plan also provides for payment in full to all trade vendors and resolves any potential disputes brought upon Vewd by its previous owners.
Vewd’s CEO Aneesh Rajaram. “We are eager to put our growth plans into action following the completion of our expedited financial restructuring. Our next phase will be highlighted by strategic investments in new products and solutions, which will allow us to better meet our customers’ priorities as we together navigate this highly dynamic and fast-paced industry.”
Vewd is being advised during its Chapter 11 process by Ropes & Gray LLP and BAHR as legal counsel, Jefferies Group LLC as investment banker and EY as restructuring advisor.
