CVC-Backed Cloud Computing Firm ConvergeOne Files Bankruptcy (1)

Cloud computing and networking provider ConvergeOne filed for bankruptcy after reaching a restructuring deal with a majority of its creditors.

CVC Capital Partners-backed ConvergeOne sought Chapter 11 protection in the Southern District Court of Texas on Thursday with a plan to cut about $1.6 billion debt from its balance sheet, it said in a filing. The bankruptcy petition allows ConvergeOne to keep operating while it seeks approval for a restructuring plan.

The company has also received the backing from owner CVC and funds including Silver Point Capital and Monarch Alternative Capital for new debt and $245 million of equity financing, ...