February 1, 2022 | Source: Vewd Software
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[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.
About Vewd Software
Vewd Software is the leading provider of OTT and hybrid TV solutions, connecting consumers anywhere to the content they love. By making OTT possible on almost 40 million connected devices each year, Vewd leads the way in defining the future of entertainment. Our suite of products and services are crafted to simplify complexity and offer solutions that unite the entire value chain, from silicon vendors to end-users. Market leaders such as Sony, Hisense, TPV, Vodafone, Sagemcom, and many more rely on Vewd products and services.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as “expects”, “believes”, “intends”, “anticipates”, “plans”, “estimates”, “potential”, “possible”, or “probable” or statements that certain actions, events or results “may”, “will”, “should”, or “could” be taken, occur or be achieved. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, the ability to consummate a plan of reorganization; risks attendant to the bankruptcy process, including the effects thereof on the Company’s business and on the interests of various constituents, the length of time that the Company might be required to operate in Chapter 11 and the continued availability of operating capital during the pendency of such proceedings; risks associated with third party motions in any bankruptcy case, which may interfere with the ability to consummate a plan of reorganization, potential adverse effects on the Company’s liquidity or results of operations; and increased costs to execute the reorganization. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company’s expectations.