Platinum-Backed Aventiv Mulls Bankruptcy as Sale Date Ends (1)

Platinum Equity-backed prison phone company Aventiv Technologies is inching closer to a bankruptcy filing after missing a deadline to sell itself, according to people with knowledge of the matter.

Aventiv informed lenders that it didn’t meet a December milestone to find a buyer for an amount that would have at least repaid the company’s debt, said the people, who asked not to be identified discussing a private matter.

A three-person committee will oversee the restructuring process, through which the company could either be sold or taken over by lenders under Chapter 11, according to other people familiar with the ...