Verado Files for Bankruptcy

• By theWHIR.com , February 18, 2002

•   Digg
    Delicious
    Reddit
    Newsvine
    Stumbleupon
    Twitter
  Facebook

  (close)

  From:

  To:

  (close)
  Share | Send | Print | Comments (0)

February 18, 2002 -- (WEB HOST INDUSTRY REVIEW) -- Verado Holdings, Inc.

announced on Friday that it will file for Chapter 11 bankruptcy protection, after reaching an

agreement on a liquidation with a committee representing holders of more

than 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 under

Chapter 11. The remaining 10% of such proceeds will be distributed to

Verado's equity holders. Alvarez and Marsal, Inc., the financial advisors,

estimates that the recovery of the bondholders and other unsecured creditors

will be between $.09 and $.13 on the dollar.

Verado also announced the sale of its Irvine, California data center. The

company will attempt to sell its Denver IDC as a going concern through a

sale approved by the bankruptcy court.

• Print | Comments (0)

OLDER:  WorldCom Suspends Three in Commission Scandal

|

NEWER:   Comcast to Stop Recording Browsing Habits

• (0) Comments
• View Post