NEW YORK, July 31, 2018 /PRNewswire/ -- Last week, the United States Bankruptcy Court of the District of Delaware approved VER's reorganization plan under Chapter 11, advancing the VER bankruptcy which VER voluntarily filed on April 5th. Under the pre-negotiated plan, VER will emerge from bankruptcy as a subsidiary of a newly formed holding company that will own both PRG and reorganized VER which will operate as brother-sister companies. Reorganized VER will be commonly controlled by management, GSO and The Jordan Company. The transaction is expected to be completed by mid-August.
"We are pleased to receive the court's approval of VER's Chapter 11 plan," said Bob Krakauer, president of VER. "As expected, we've serviced our clients without interruption and we look forward to expanding our client relationships under a new more industry centric management."
VER has been a leading global equipment rental company for the past 35 years. Once the transaction is complete, legacy VER will go back to its roots as a business to business production equipment rental company. Clients will continue to have access to the largest inventory and widest group of industry professionals in the world.
"PRG is pleased with the court's approval of the bankruptcy plan and are looking forward to completing the process in the next few weeks," said Jere Harris, chairman and CEO of PRG. "It is a testament to all involved that we were able to confirm an extraordinarily complex bankruptcy plan in less than four months thanks to the full cooperation of all of the necessary parties."
VER is a leading, global provider of production equipment and engineering support. With the world's largest inventory of rental equipment, VER supplies the most advanced technology to a broad array of clients in the TV, cinema, live events, broadcast and corporate markets. Clients rely on VER's depth of experience in Broadcast, Audio, Video, Lighting, LED, Cameras, Rigging, Media Servers, Fiber and more. With 35 offices across North America and Europe, 24/7 support, and unparalleled expertise, VER can support any live or taped production anywhere in the world.
About Production Resource Group
PRG is the world's leading provider of entertainment and event technology solutions. PRG provides comprehensive and discreet services to an array of clients in the live music, TV/Film, Broadway, sports, gaming, corporate experiential and live events markets. Clients and partners depend on PRG's innovation, experience and depth of experience in audio, video, lighting, rigging, staging, and scenery and automation systems to bring their stories to life. With 44 offices across North America, South America, Europe, Middle East, Asia, and Australia, PRG has capabilities to provide services worldwide. For more information, please visit https://www.prg.com/.
SOURCE Production Resource Group LLC