ConvergeOne Reaches Restructuring Deal, Nears Bankruptcy Filing

Cloud computing and networking provider ConvergeOne has reached a deal with a group of creditors to restructure its balance sheet and receive fresh equity as part of a potential bankruptcy filing, according to people with knowledge of the matter.

The company, which was rebranded as C1 in October, has been operating under a grace period from creditors as it negotiated a deal to slash its expensive debt, said the people, who asked not to be identified discussing a private matter. The company has been seeking support from its lenders and other key parties that would allow it to exit Chapter ...