Mar 042014
 

Sorenson Communications, Inc. announced it has reached an agreement with a substantial majority of its owners and second lien note holders on the terms of a comprehensive debt restructuring, a move that will significantly strengthen its balance sheet. To implement the restructuring, the company is seeking expedited confirmation of a pre-packaged Chapter 11 plan of reorganization, filed today with the United States Bankruptcy Court in the District of Delaware.

Sorenson expects operations will continue uninterrupted, and the filing is not expected to affect Sorenson’s users, employees, interpreters or suppliers. As part of the process, the company is seeking approval to pay suppliers in the ordinary course and to continue all programs benefiting users, as well as customary relief to continue its wage and benefit programs for its employees.

Read more:
http://www.abladvisor.com/news/4147/sorenson-communications-files-chapter-11-seeks-quick-exit

– Thanks to ABL Advisor

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Related story:
http://www.reuters.com/article/2014/03/03/sorensoncommunications-bankruptcy-idUKL3N0M02BD20140303?irpc=932