Verso Technologies (Nasdaq: VRSO), an integrated communications solutions company, will us a $3-million private placement financing to pay the amounts owed to WA Telcom, which it acquired from NACT Telecommunications.
The Bankruptcy Court having jurisdiction over WA Telcom’s pending Chapter 11 reorganization proceedings approved for Verso to pay WA Telcom.
On Nov. 7, Verso said it had negotiated the early retirement of the secured note payable related to its acquisition from NACT and the outstanding balances of other accrued liabilities for discounted amounts.
Verso estimates that the combined savings from satisfying these liabilities in this manner will be approximately $700,000. The resulting improvement to the company’s balance sheet will be reflected in its fourth quarter financial reporting.
The Atlanta-based company will satisfy these liabilities using the proceeds from the company’s previously announced $3.0 million private placement financing, which is now complete.