VER files under Chapter 11, agrees to merge with PRG
- Details
To facilitate the implementation of this pre-negotiated transaction, VER has filed voluntary petitions for reorganisation under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. These filings only affect the company's North American operations, says the company. The agreement is part of a transaction supported by VER’s second lien lenders, including funds managed by GSO Capital Partners.
VER expects to continue normal operation during the restructuring and says clients “can be confident that their project will not be interrupted”.
Digby Davies, CEO of VER, comments: "Entering into this agreement and undertaking the court-supervised restructuring process will greatly reduce VER's outstanding debt