BROADVISION, INC. COMMENCES NEXT STEP TO RESTRUCTURE AND SELL BUSINESS THROUGH IMPLEMENTATION OF PREPACKAGED REORGANIZATION P...
March 30 2020 - 10:02AM
BroadVision, Inc. (“the Company”) today announced that it has taken
the next step to implement the "pre-packaged" plan to restructure
the business and be acquired by ESW Capital, LLC, under its
previously announced Restructuring Support Agreement (the "RSA").
As expected, and as contemplated by the RSA, the Company has
voluntarily filed for reorganization under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy Court
for the District of Delaware (the "Court").
The Company’s operations are continuing as
normal. Upon emergence, the Company will continue to provide
customers with exceptional service and product offering.
The Company has filed a number of customary
motions seeking court authorization to continue to support its
operations during the expedited Court-supervised process, and
employee wages and benefits will continue to be paid in the
ordinary course. Under terms of the pre-packaged plan, which is
subject to Court approval, all allowed claims will be paid in full,
and holders of the Company’s common stock (other than ESW) are
expected to receive $4.375 per common share (assuming no more
than 5,142,333 shares are outstanding), plus their pro rata share
of the Company’s cash on hand as of the effective date of the Plan
(including proceeds from the sale of a block of IP addressed owned
by the Company) after payment of certain case-related claims and
expenses.
Additional information is available at
https://dm.epiq11.com/case/broadvision/info.
DLP Piper LLP (US) is serving as the Company’s
legal counsel.
ABOUT BROADVISION, INC.
Driving innovation since 1993, BroadVision
(Nasdaq: BVSN) provides e-business solutions that enable the
enterprise and its employees, partners, and customers to stay
actively engaged, socially connected, and universally organized to
achieve greater business results. BroadVision®
solutions—including Vmoso for virtual, mobile, and social business
collaboration, and Clearvale for enterprise social networking, both
of which are now owned and being developed by Vmoso, Inc. (“VMSO”),
a company in which BroadVision owns a 19.9% interest—are available
globally in the cloud via the Web and mobile applications. Visit
www.BroadVision.com for more details.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Information in this release that involves
expectations or plans regarding the future, including statements
regarding the RSA and the Plan, are forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of
1934. Such forward-looking statements involve risks and
uncertainties, including actions taken and decisions made by the
Company’s creditors and other third parties with interests in the
Plan, the Company’s ability to obtain Bankruptcy Court approval of
the Plan, the Company’s and ESW’s ability to consummate the
transactions contemplated by the Plan, and the amount of time
required to consummate such transactions.
Media Contact: 650-331-1000
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