BroadVision, Inc. (the “Company”) announced that the Company has emerged from Chapter 11 bankruptcy protection, successfully completing its financial restructuring process and implementing its plan of reorganization (the “Plan”), which was confirmed today, May 15, 2020, by order of the U.S. Bankruptcy Court District of Delaware today (the “Confirmation Order”). Certain capitalized terms in this release that are not otherwise defined herein will have the meanings assigned to them in the Plan. Pursuant to the Confirmation Order, holders of Allowed Claims against the Debtor will receive full payment of their Claims.
Aurea Software intends to acquire BroadVision to strengthen its collaboration suite of offerings for Aurea Unlimited single subscription customers.
BroadVision, Inc. (“the Company”) today announced that it has taken the next step to implement the "pre-packaged" plan to restructure the business and be acquired by ESW Capital, LLC, under its previously announced Restructuring Support Agreement (the "RSA"). As expected, and as contemplated by the RSA, the Company has voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Court"). The Company’s operations are continuing as normal.