The organization has made significant progress and sees a clear opportunity to distinguish our platform in the marketplace--adding substantial value for our merchants, employees and other stakeholders.
AUSTIN, Texas (PRWEB) January 25, 2021
eCommerce platform provider Volusion, LLC (“Volusion” or the “Company”) announced that the Company emerged from Chapter 11 bankruptcy protection on January 19 after successfully restructuring the company’s matured debt with Main Street Capital Corporation (“Main Street”) and receiving plan confirmation from the Texas Southern District Bankruptcy Court on November 20, 2020. With a strengthened balance sheet and renewed focus on platform enhancements, Volusion is well positioned for long-term growth and success.
“The commitment of our key stakeholders, including our shareholders, key lender and Board of Managers, to our people and business is a testament to our strategic direction and growth potential,” said Troy Pike, Volusion’s Chief Executive Officer. “The organization has made significant progress and sees a clear opportunity to distinguish our platform in the marketplace--adding substantial value for our merchants, employees and other stakeholders.”
Volusion filed for Chapter 11 protection on July 27, 2020, in order to restructure matured debt with Main Street as its secured creditor. Through successful negotiations over the four-month period after filing, Volusion entered into an agreement with Main Street to revise terms of the matured debt. Additionally, the Company took action to implement organizational changes and efficiencies that will better enable it to drive innovation moving forward.
“Volusion is advantaged by its longevity, passionate associates and loyal customers,” said Jesse Morris, Main Street’s Chief Operating Officer. “We believe the business is in the right market at the right time and has significant potential to grow its value in the months and years to come. Our recent restructuring agreements are intended to provide Volusion the flexibility to capture these significant opportunities for the benefit of all stakeholders.”
Prior to filing for bankruptcy protection, Volusion had made significant investment in developing new platform features and capabilities, many of which it will bring to market later this year.