📅 - Verado Holdings, Inc. announced on Friday that it will file for Chapter 11 bankruptcy protection, after reaching anagreement on a liquidation with a committee representing holders of morethan 66-2/3% of Verado's 13% senior discount notes due 2008.
Under the plan, bondholders and other unsecured creditors will receive 90%of the net proceeds derived from a liquidation of the company's assets underChapter 11. The remaining 10% of such proceeds will be distributed toVerado's equity holders. Alvarez and Marsal, Inc., the financial advisors,estimates that the recovery of the bondholders and other unsecured creditorswill be between $.09 and $.13 on the dollar. Verado also announced the sale of its Irvine, California data center. Thecompany will attempt to sell its Denver IDC as a going concern through asale approved by the bankruptcy court.
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