KIT Digital Gets Approval For PE-Backed Ch. 11 Plan

Law360, New York (August 5, 2013, 5:46 PM EDT) -- KIT Digital Inc. on Monday received court approval for its reorganization plan that allows three private equity firms to take over the company, despite creditors' worries that the plan would not live up to its promise of full recovery for them.

Under the deal, 89 percent of the company will be turned over to KIT Digital CEO Peter Heiland's investment firm JEC Capital Partners LLC, as well as Prescott Group Capital Management LLC and Stichting Bewaarder Ratio Capital Partners for $25 million.

Creditors are expected to...
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