VER Technologies Ch. 11 Plan Confirmed After Settlement
By Alex Wolf (July 27, 2018, 9:32 PM EDT) -- VER Technologies HoldCo LLC received Delaware bankruptcy court approval Thursday to execute a plan of reorganization reached after the production equipment rental company entered into a global settlement with several classes of stakeholders, allowing it to fulfill plans to merge with a competitor.
U.S. Bankruptcy Judge Kevin Gross has given VER Technologies the go-ahead to restructure some $760 million in funded debt and merge with Production Resource Group LLC, which it sees as a strategic partner in the industry of production logistics for live shows and performances.
The company cleared a path to confirm an amended Chapter 11 plan after reaching...
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