Large screen display and software producer Prysm Inc. received bankruptcy court approval to reorganize using a $12 million payment from technology investor ESW Capital LLC.
Under the Chapter 11 plan, approved Tuesday by the U.S. Bankruptcy Court for the District of Delaware, ESW will take control of Prysm’s software business. The company’s display and hardware business will be transferred to a group of secured noteholders owed approximately $265 million.
Prysm negotiated the restructuring transactions before filing for Chapter 11 last month and borrowing $3 million in post-bankruptcy financing from ESW.
The plan sets aside $500,000 to pay general unsecured creditors, ...
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