VER files bankruptcy under Chapter 11

[Jim Feeley]

They plan to merge with PRG and during the re-org "will continue to provide our clients with the largest inventory of equipment and unmatched reliability and expertise."

 

 

VER Announces Agreement to Merge with Production Resource Group LLC

Receives Commitment of Financing to Support Its Continued Operations

 

LOS ANGELES, April 5, 2018 /PRNewswire/ -- VER today announced that, as part of a comprehensive transaction supported by its second lien lenders, including funds managed by GSO Capital Partners, it has entered into an agreement to merge with an entity controlled by Production Resource Group LLC ("PRG"). To facilitate the implementation of this pre-negotiated transaction, VER today filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. These filings only affect the Company's North American operations.

By uniting, PRG and VER will meet evolving client needs and offer solutions, resources and expertise in ways neither company could achieve independently. Clients will have access to an extraordinary array of equipment and services, and the most talented team in the industry.

VER will continue operating in the normal course during the Chapter 11 process. Clients who have on-going productions as well as new clients who sign on with the company during the process, can be confident that their project will not be interrupted. 

 

Rest of the press release:

https://www.prnewswire.com/news-releases/ver-announces-agreement-to-merge-with-production-resource-group-llc-300625134.html

[JonG]

Maybe it’s from all those sound packages they toss in with the camera rental?

[Eric Toline]

43 minutes ago, JonG said:

Maybe it’s from all those sound packages they toss in with the camera rental?

The ones that don't work with the missing interconnects? You think?

[afewmoreyears]

Yeah, screw that place.... Chapter 11 is too good for them..  Give it all away and the bottom falls out.. eventually.

[tourtelot]

15 hours ago, afewmoreyears said:

Yeah, screw that place.... Chapter 11 is too good for them..  Give it all away and the bottom falls out.. eventually.

+1.

 

D.

[Dalton Patterson]

On 4/6/2018 at 5:18 PM, JonG said:

Maybe it’s from all those sound packages they toss in with the camera rental?

I got two PA's for the price of one just last week...

[Philip Perkins]

On 4/6/2018 at 7:49 PM, afewmoreyears said:

Yeah, screw that place.... Chapter 11 is too good for them..  Give it all away and the bottom falls out.. eventually.

They are still taking rental orders, BTW....still in business.   

[Jim Feeley]

Out of curiosity, I found this, which I think is supposed to cover the whole company.  I'm out of my depth, but the assets seem low...unless VER just leased what they rented?

Bankruptcy Statistical Summary

Assets:	$0 to $50,000
Liabilities:	$10,000,001 to $50 million

 

For those of you with time to dive down the rabbit hole: 

https://app.courtdrive.com/filings/debke_172799-1-18-bk-10834-ver-technologies-holdco-llc

 

[Philip Perkins]

11 minutes ago, Jim Feeley said:

Out of curiosity, I found this, which I think is supposed to cover the whole company.  I'm out of my depth, but the assets seem low...unless VER just leased what they rented?

Bankruptcy Statistical Summary

Assets:	$0 to $50,000
Liabilities:	$10,000,001 to $50 million

 

For those of you with time to dive down the rabbit hole: 

https://app.courtdrive.com/filings/debke_172799-1-18-bk-10834-ver-technologies-holdco-llc

 

My money is on that, for a good deal of the stuff they rent out...