Aspect Software files for bankruptcy with creditor plan

Court rules against Facebook ‘like’ button in German shopping case
March 9, 2016
Bosch looking to smart devices to get ahead in the cloud
March 9, 2016
This post was originally published on this site

Aspect Software Inc filed for bankruptcy on Wednesday with a plan backed by its creditors that would cut debt and bring the company out of Chapter 11 under the control of its lenders, according to court documents.

Aspect’s creditors agreed to eliminate $320 million of second-lien debt and convert $60 million of first-lien debt into 100 percent of the reorganized company’s equity, according to documents filed in the U.S. Bankruptcy Court in Delaware.

The Phoenix, Arizona-based company sells software used in call centers.

(Reporting by Tom Hals in Wilmington, Delaware; Editing by Chizu Nomiyama)