NetVersant files Chapter 11 bankruptcy
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 trollerBk.com.
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.
On the Web: www.netversant.com