NetVersant files Chapter 11 bankruptcy

Nov. 25, 2008
November 25, 2008 -- Among the company's unsecured creditors is Anixter, which along with its subsidiaries is owed $28.6 million.

Story updated as of December 11, 2008. Click here.

November 25, 2008 -- NetVersant, a network-infrastructure provider with locations in several regions of the United States, filed for Chapter 11 bankruptcy protection on Wednesday, November 19 according to online bankrtupcy-tracker

The news became more widespread on Friday, November 21 when Anixter released a statement on the issue. According to trollerBk, NetVersant's bankruptcy filing indicated the company has assets not greater than $100,000 and liabilities between $100 million and $500 million. Anixter's statement says the NetVersant filings showed Anixter and its subsidiaries to be unsecured creditors in the amount of $28.6 million. Anixter's statement is available as a PDF document (approximately 20 kilobytes in size).

Chapter 11 is the "reorganization" style of bankruptcy, as opposed to the "liquidation" style spelled out in Chapter 7 of the U.S. Bankruptcy Code.

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