Riverbed Technology: U.S. trustee objects to proposed plan hearing date

By Sarah Lizee

Olympia, Wash., Nov. 18 – Riverbed Technology, Inc.’s motion seeking a Dec. 2 hearing on confirmation of its pre-packaged Chapter 11 plan of reorganization drew an objection Thursday from Regions 3 and 9 U.S. trustee Andrew R. Vara, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

The debtors are seeking to confirm a plan that would restructure about $2 billion of debt, 16 days after the petition date.

Riverbed provides IT optimization products and services to many of the world’s largest organizations. The debtors’ customers include government agencies.

“For the plan to become effective, the debtors may need regulatory approval from at least two government agencies,” Vara said in his objection.

“Unless the debtors make a record that all regulatory approvals are imminent, and that all affected governmental units have received full notice of the plan, the court should deny the motion.”

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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