Ver Technologies LLC, the engineering and equipment company that lit the red carpet for the Academy Awards show, filed for bankruptcy after negotiating a proposed restructuring deal with creditors.
The company bills itself as one of the biggest equipment providers to the entertainment industry, lighting car-chase scenes in the “Black Panther,” providing cameras for “American Ninja Warrior” and building a 91-foot-wide wall of lights for the Radio City Rockettes.
Ver, based in Glendale, California, listed as much as $1 billion in liabilities and no more than $50,000 worth of assets in its Chapter 11 petition filed April 5 in Wilmington, Delaware.
Bank of America Corp. will act as the agent for lenders loaning Ver enough money to keep operating while under court supervision, according to court papers. The company hired PJT Partners as its financial adviser and investment banker and Kirkland & Ellis as its main bankruptcy law firm.
The case is In re Ver Technologies HoldCo LLC, Bankr. D. Del., 18-10834, 4/5/18.
©2018 Bloomberg L.P. All rights reserved. Used with permission.
To contact the reporter on this story: Steven Church in Wilmington, Delaware at firstname.lastname@example.org
To contact the editors responsible for this story: Nikolaj Gammeltoft at email@example.com Rick Green, Sally Bakewell