By Bill Wichert (November 17, 2021, 11:07 AM EST) -- California-based Riverbed Technology filed for Chapter 11 protection in Delaware bankruptcy court to implement a prepackaged restructuring plan that would wipe away about $1.1 billion in debt and pump $100 million of new equity capital into the business as it aims to recover from the financial smackdown of the COVID-19 pandemic.
Instead of pursuing an out-of-court exchange transaction, the information technology company and related entities launched Chapter 11 petitions late Tuesday to swiftly move forward with the restructuring plan that Riverbed said has been unanimously approved by all creditors who were entitled to vote on the proposal.
"After thoroughly evaluating the...
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