Represented VER Technologies HoldCo LLC through Chapter 11 Cases

Client: VER Technologies HoldCo LLC

Travis represented VER Technologies HoldCo LLC and certain of its affiliates in Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. VER is one of the largest suppliers of rental production equipment and solutions in the world, leasing sound, lighting, video, and rigging equipment to customers in the corporate, television, hotel, cinema, and live concert music sectors. When the cases were filed, VER had funded debt of more than $760 million. The company commenced the cases with the support of more than two-thirds of the lenders under its prepetition term loan facility, the lenders under its term loan debtor-in-possession financing facility, holders of two tranches of promissory notes, and a strategic merger partner. These parties supported VER's Chapter 11 cases pursuant to a restructuring support agreement that provided the basis for a consensual Chapter 11 plan followed immediately by a merger of the reorganized equity into the strategic partner. VER lient also secured $364.7 million in debtor-in-possession financing facilities to fund the company’s operations and the administration of its Chapter 11 cases. In 2019, the Global M&A Network granted VER's restructuring with the Turnaround of the Year (large mid-markets) Atlas award, and in 2018, the Turnaround Management Association recognized VER with its "Restructuring of the Year" (more than $500 million to $1 billion) award.*