By Jonathan Easton

OTT and hybrid TV solutions provider Vewd has received approval for financial restructuring from the US Bankruptcy Court.

The restructuring represents the thrust of its plan of reorganisation which the company says will pave the path for accelerated growth, while eliminating the vast majority of Vewd’s debt.

The plan sees Vewd’s pre-petition secured lenders exchange their existing debt for equity in the reorganised business while providing new capital to fund Vewd’s growth plan.

This reorganisation also provides for payment in full to all trade vendors and resolves “any potential disputes brought upon Vewd by its previous owners.”

Commenting on the approval, Vewd CEO Aneesh Rajaram said: “This is a pivotal day for Vewd and its stakeholders. We are eager to put our growth plans into action following the completion of our expedited financial restructuring. Aligned and well capitalised with our new owners, we will be optimally positioned to accomplish our mission to enable entertainment everywhere and achieve long-term success.

“Our next phase will be highlighted by strategic investments in new products and solutions, which will allow us to better meet our customers’ priorities as we together navigate this highly dynamic and fast paced industry.”