Vewd receives approval for financial restructuringTuesday, February 1st, 2022
Vewd Receives Approval For Financial Restructuring, Enters Next Phase Of Growth
OSLO, Norway — Vewd Software AS, the leading provider of OTT software solutions, today announced the U.S. Bankruptcy Court’s approval of its Plan of Reorganization (the “Plan”), paving the path for accelerated growth in the next phase of its business plan. Vewd’s financial restructuring efforts will eliminate the vast majority of Vewd’s debt and position Vewd for long-term growth with the backing of a healthy balance sheet and new ownership.
“This is a pivotal day for Vewd and its stakeholders” said Vewd’s CEO Aneesh Rajaram. “We are eager to put our growth plans into action following the completion of our expedited financial restructuring. Aligned and well capitalized with our new owners, we will be optimally positioned to accomplish our mission to enable entertainment everywhere and achieve long-term success. Our next phase will be highlighted by strategic investments in new products and solutions, which will allow us to better meet our customers’ priorities as we together navigate this highly dynamic and fast paced industry,” Mr. Rajaram continued.
Under the Plan, Vewd’s pre-petition secured lenders will exchange their existing debt for equity in the reorganized business and provide new capital to effectuate Vewd’s growth plan. Furthermore, the Plan provides for payment in full to all trade vendors and resolves any potential disputes brought upon Vewd by its previous owners.
“I would like to thank our customers and vendors for their trust in and commitment to Vewd, as well as our employees and advisors for all their efforts during this process. We are a much stronger organization than we were 45 days ago and we’re all excited about executing Vewd’s future growth plan,” said Rajaram.
Vewd is being advised during its Chapter 11 process by Ropes & Gray LLP and BAHR as legal counsel, Jefferies Group LLC as investment banker and EY as restructuring advisor.
- STARZ domestic OTT subscribers up 700,000 in 1Q 2023
- New DIRECTV STREAM customers get priority access to Telly waiting list
- Insys Video Technologies simplifies video streaming with Bitmovin
- BeIN Media and Google Cloud announce media and broadcast collaboration
- Activated STBs grow to 3,166,461 for South Africa's Openview
- Singtel TV subscribers down 6,000 in 1Q 2023