Riverbed's Ch. 11 Plan To Slash $1.1B Of Debt Approved

By Vince Sullivan (December 3, 2021, 5:54 PM EST) -- Bankrupt information technology company Riverbed Technologies Inc. received court approval Friday in Delaware for its Chapter 11 plan that slashes $1.1 billion of debt from its balance sheet just two weeks after its bankruptcy case commenced.

During a videoconference hearing, debtor attorney Christopher S. Koenig of Kirkland & Ellis LLP said Riverbed had reached an agreement with unsecured noteholders that resolved the only remaining opposition to the plan, allowing it to go forward on a fully consensual basis.

That agreement calls for unsecured noteholders — originally slated for no recovery under the plan — to receive $2.88 million in cash for...

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