December 17, 2021
Vewd Software, a Norwegian-based over-the-top video tech provider to myriad companies, including Redbox, Cinedigm and Vizio, has received a $10 million lifeline from its lenders two days after a Dec. 15 voluntary bankruptcy filing.
Under the prepackaged plan of reorganization under Chapter 11 of the United States Bankruptcy Code, Vewd will swap $118 million in debt as equity to its lenders. The company cited the pandemic and a shareholder dispute for its fiscal troubles.
“As we embark on our next phase of growth in a highly dynamic, fast-paced industry, it has become imperative that we boost our ability to invest into the accelerated roll-out of our new products and solutions,” Vewd CEO Aneesh Rajaram said in a statement.
Launched in 2002, the Oslo-based company claims to embed its streaming technology on 40 million connected TVs, set-top boxes, game consoles and cars each year.
“We look forward to emerging from this process with a healthy balance sheet, empowering Vewd to continue its growth trajectory within the evolving OTT industry,” Rajaram said. “Future owners have demonstrated a clear commitment to our company’s long-term success and our mission to enable entertainment everywhere.”