When Broadsign filed Chapter 11 bankruptcy on March 4 this year, I wrote in these pages that BroadSign’s largest investors were poised to buy the company, and try to increase market share– in Digital Signage– from a more stable capital base. The key investor was Burr Smith, Chairman of the Board of Broadsign at the time of the Ch. 11 filing, who held a large relative share of the company and indeed funded the spurt in growth in the past three-four years. Under procedures approved by the bankruptcy court, Broadsign held an auction on May 8, 2012 to learn whether anyone would top the offer for the business made by JeDFam Group LLC (Burr Smith is President of the JeDFam Group.) At the time of the Ch. 11 filing, Boise, Idaho-based Broadsign owed a total of $5.7 million to JEDFam on two first-lien obligations (and the lender agreed to provide another $322,000 to finance the Chapter 11 case). Other secured lenders were owed an aggregate of $6.8 million on obligations junior to the JEDFam debt, according to court filings. JEDFam also owned 25% of the Broadsign stock.
In a press release issued today by Broadsign, the company announced that is has successfully completed its sale to the JeDFam Group.
Here is the press release today from Broadsign:
BROADSIGN SUCCESSFULLY COMPLETES SALE TO JEDFAM GROUP
Industry-Leading Digital Signage Software Provider Poised to Extend its Market Dominance as a Balanced and Striving Global Enterprise.
Montreal, Canada, May 31, 2012 – BroadSign International, Inc. (“BSI”) announced today it has been acquired by JedFam Group, LLC (“JedFam”) almost three months after it filed for protection under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Bankruptcy Court recently approved a sale of BSI’s assets to JedFam, and BSI will emerge from bankruptcy as BroadSign International, LLC. and Brian Dusho will remain as Chief Executive Officer of the digital signage software provider.
“Today marks the start of a new chapter for BroadSign,” said Brian Dusho. “Thanks to widespread support from our lenders, customers, partners and friends, our operations have remained robust through this process.“ Mr. Dusho reported that BroadSign has experienced unprecedented growth in recent months. “I am especially grateful to our employees around the world whose continued hard work and focus have been instrumental in enabling us to reach this achievement and who will be important contributors to our future success,” he said.
BroadSign International, LLC. is the leading worldwide provider of software-as-a-service for digital signage networks. Some of the world’s largest and most successful digital signage networks run on BroadSign’s platform, taking advantage of its comprehensive functionality, reliability, ability to automate operations and a virtually unlimited capacity for growing networks without adding personnel.
BroadSign’s software-as-a-service model offers digital signage networks the freedom to enjoy the full potential of the most advanced software without the burden of building out, staffing and maintaining their own hosting infrastructure.
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