Revver Announces Chapter 11!
Well this is not a fun piece of news to start the weekend...
Revver Files Voluntary Chapter 11 Petition
San Francisco, LA. March 29, 2006 /PRNewswire-FirstCall via REVVER/ --
REVVER Corporation filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code late yesterday. The Company had announced its plans to file earlier in the week.
Today the Bankruptcy Court approved the interim post-petition financing from the Company's lenders, The ATC Group, Inc. and Hodges Partners II, L.P. ("Hodges"), that will be used to continue the operation of Revver's video business. The Company can use the financing to pay vendors for goods and services received after the filing in the ordinary course of business. For more details, see this release on PRNewswire or this article from The Wall Street Journal.