Riverbed completes recapitalization with $1 billion less debt

Chicago, Dec. 7 – Riverbed Technology, Inc. announced the completion of its recapitalization and the elimination of $1 billion of debt, according to a press release.

The company received confirmation for its pre-packaged Chapter 11 plan on Friday.

The bankruptcy was completed through an expedited voluntary court-supervised process, the company said.

As previously reported an ad hoc group of institutional investors led by Apollo have become the majority owner of the renamed Riverbed|Aternity through their managed funds.

Riverbed’s advisers include Kirkland & Ellis LLP as legal counsel, AlixPartners as restructuring advisor, and GLC Advisors & Co. as investment banker.

The ad hoc group’s advisers include White & Case LLP as legal counsel and Centerview Partners as financial adviser. Davis Polk & Wardwell LLP is acting as counsel to certain members of the ad hoc group.

Riverbed is a San Francisco-based technology company that specializes in improving the performance of networks and networked applications. The company filed bankruptcy on Nov. 16 under Chapter 11 case number 21-11503.

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