• Latest
  • Trending
Riverbed Under Chapter XI

Riverbed Under Chapter XI

November 24, 2021
Inaugural AfCFTA Conference on Women and Youth in Trade

Inaugural AfCFTA Conference on Women and Youth in Trade

September 6, 2022
Instagram fined €405m over children’s data privacy

Instagram fined €405m over children’s data privacy

September 6, 2022
8 Most Common Causes of a Data Breach

5.7bn data entries found exposed on Chinese VPN

August 18, 2022
Fibre optic interconnection linking Cameroon and Congo now operational

Fibre optic interconnection linking Cameroon and Congo now operational

July 15, 2022
Ericsson and MTN Rwandacell Discuss their Long-Term Partnership

Ericsson and MTN Rwandacell Discuss their Long-Term Partnership

July 15, 2022
Airtel Africa Purchases $42M Worth of Additional Spectrum

Airtel Africa Purchases $42M Worth of Additional Spectrum

July 15, 2022
Huawei steps up drive for Kenyan talent

Huawei steps up drive for Kenyan talent

July 15, 2022
TSMC predicts Q3 revenue boost thanks to increased iPhone 13 demand

TSMC predicts Q3 revenue boost thanks to increased iPhone 13 demand

July 15, 2022
Facebook to allow up to five profiles tied to one account

Facebook to allow up to five profiles tied to one account

July 15, 2022
Top 10 apps built and managed in Ghana

Top 10 apps built and managed in Ghana

July 15, 2022
MTN Group to Host the 2nd Edition of the MoMo API Hackathon

MTN Group to Host the 2nd Edition of the MoMo API Hackathon

July 15, 2022
KIOXIA Introduce JEDEC XFM Removable Storage with PCIe/NVMe Spec

KIOXIA Introduce JEDEC XFM Removable Storage with PCIe/NVMe Spec

July 15, 2022
  • Consumer Watch
  • Kids Page
  • Directory
  • Events
  • Reviews
Wednesday, 8 February, 2023
  • Login
itechnewsonline.com
  • Home
  • Tech
  • Africa Tech
  • InfoSEC
  • Data Science
  • Data Storage
  • Business
  • Opinion
Subscription
Advertise
No Result
View All Result
itechnewsonline.com
No Result
View All Result

Riverbed Under Chapter XI

by ITECHNEWS
November 24, 2021
in Tech
0 0
0
Riverbed Under Chapter XI

Riverbed Technology, Inc. has taken the next steps in its recapitalization, voluntarily commencing Chapter XI cases to implement its “prepackaged” financial restructuring plan to reduce the company’s debt by more than $1 billion and provide with an additional $35 million cash infusion, positioning the company for long-term success.

Lenders holding 100% of Riverbed’s funded secured debt have now approved the transactions contemplated in the previously announced Restructuring Support Agreement, which will be implemented through an accelerated court-supervised process.

YOU MAY ALSO LIKE

Instagram fined €405m over children’s data privacy

TSMC predicts Q3 revenue boost thanks to increased iPhone 13 demand

“We are continuing to move forward with our accelerated recapitalization, through which we will reduce our debt by more than $1 billion, add a total of $100 million of investment capital and, in doing so, simplify our balance sheet and fuel our next phase of growth,” said Dan Smoot, president and CEO. “After thoroughly evaluating the different mechanisms through which to implement the recapitalization, our analysis made it clear that Riverbed could achieve a cleaner, more financially beneficial outcome by utilizing the court-supervised process, setting our company up for even greater growth and innovation opportunities in the future. Riverbed is a critical technology provider, as demonstrated by our strong double-digit bookings growth for our advanced visibility solutions, and with our outstanding business, talented team, market-relevant technology and great brand, this process will only make us stronger. We expect this to be seamless for our stakeholders, including customers and partners, and we look forward to completing the court-supervised process.”

He continued: “The overwhelming support we’ve received from our investors is a testament to their confidence in our growth prospects and in Riverbed following the recapitalization. Furthermore, since we announced this development, many of our customers and business partners have voiced their support and confidence in Riverbed. I would also like to thank our talented team members, who have been unwavering in their focus and commitment to delivering leading end-to-end visibility and network performance and acceleration solutions to our customers.”

“We are pleased to continue our long-term support of Riverbed in this next chapter as they strengthen their financial position to deliver leading performance and visibility solutions to companies around the world,” said Apollo partner Chris Lahoud. “Riverbed has an exceptional team and strong market opportunities, and we are confident in their strategy to deliver innovative customer solutions and long-term profitable growth.”

As previously announced on October 13, 2021, the company entered into a Restructuring Support Agreement with its equity sponsors and an ad hoc group of lenders (Ad Hoc Grouphttps://www.theadhocgroup.com) holding a super-majority of its funded secured debt. Once the restructuring transactions, which are subject to customary closing conditions, are complete, the Ad Hoc Group of institutional investors including Apollo, will become the majority owners of Riverbed through their managed funds.

To implement the prepackaged plan, the company has voluntarily filed for reorganization under Chapter XI of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and expects to successfully complete its financial restructuring process and emerge in mid-December. Operations and the acceleration of its strategy will continue as normal. In connection with the filing, Riverbed has filed a number of customary motions with the court seeking authorization to support its operations while the process is ongoing.

Riverbed’s advisors include Kirkland & Ellis LLP as legal counsel, AlixPartners as restructuring advisor, and GLC Advisors & Co.as investment banker.

This is a Press Release edited by StorageNewsletter.com

ShareTweetShare
Plugin Install : Subscribe Push Notification need OneSignal plugin to be installed.

Search

No Result
View All Result

Recent News

Inaugural AfCFTA Conference on Women and Youth in Trade

Inaugural AfCFTA Conference on Women and Youth in Trade

September 6, 2022
Instagram fined €405m over children’s data privacy

Instagram fined €405m over children’s data privacy

September 6, 2022
8 Most Common Causes of a Data Breach

5.7bn data entries found exposed on Chinese VPN

August 18, 2022

About What We Do

itechnewsonline.com

We bring you the best Premium Tech News.

Recent News With Image

Inaugural AfCFTA Conference on Women and Youth in Trade

Inaugural AfCFTA Conference on Women and Youth in Trade

September 6, 2022
Instagram fined €405m over children’s data privacy

Instagram fined €405m over children’s data privacy

September 6, 2022

Recent News

  • Inaugural AfCFTA Conference on Women and Youth in Trade September 6, 2022
  • Instagram fined €405m over children’s data privacy September 6, 2022
  • 5.7bn data entries found exposed on Chinese VPN August 18, 2022
  • Fibre optic interconnection linking Cameroon and Congo now operational July 15, 2022
  • Home
  • InfoSec
  • Opinion
  • Africa Tech
  • Data Storage

© 2021-2022 iTechNewsOnline.Com - Powered by BackUPDataSystems

No Result
View All Result
  • Home
  • Tech
  • Africa Tech
  • InfoSEC
  • Data Science
  • Data Storage
  • Business
  • Opinion

© 2021-2022 iTechNewsOnline.Com - Powered by BackUPDataSystems

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version