Prysm Inc., a Milpitas, Cal.-based developer, marketer and seller of large-format displays using proprietary LPD technology, filed for chapter 11 protection on Aug. 5 in the Bankruptcy Court for the District of Delaware. The company reports $4.6 million in assets and $273.6 million in liabilities (including $265.8 million in secured claims). The debtor is represented by Gellert Scali Busenkell & Brown. The case number is 20-11924.
Prysm is pursuing a prepackaged plan and has already received supporting votes from the two classes of voting claims. Plan sponsor ESW Capital LLC will acquire the debtor and reorganize around its software business, while contributing the debtor’s hardware business and certain related assets into a newly formed entity for the benefit of the debtor’s lenders. […]