On April 5, 2018, VER Technologies Holdco LLC, along with eight subsidiaries and affiliates (collectively, “VER”), filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (Case No. 18-10834).
VER, based in Glendale, CA, is an engineering and equipment company that, among other things, lit the red carpet for the Academy Awards show. VER filed for bankruptcy after negotiating a proposed restructuring deal with creditors. The Debtors listed $1 billion in liabilities and less than $50,000 worth of assets in its Chapter 11 petition. According to the Debtors’ petition, VER filed for Chapter 11 having entered into a restructuring support agreement and will be seeking approval of DIP Financing provided by its pre-petition senior lenders.
Bank of America Corp. will act as the agent for lenders providing VER with funding to keep operating while under Bankruptcy Court supervision. The Debtors in these bankruptcy cases are represented by the law firm of Kirkland & Ellis. The cases have been assigned to the Honorable Kevin Gross.