Vewd gets Court approval for restructuring
February 2, 2022
Vewd Software, a provider of OTT software solutions, has announced the US Bankruptcy Court’s approval of its Plan of Reorganisation, 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 capitalised 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,” Rajaram continued.
Under the Plan, Vewd’s pre-petition secured lenders will exchange their existing debt for equity in the reorganised 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 organisation than we were 45 days ago and we’re all excited about executing Vewd’s future growth plan,” said Rajaram.