VIOLIN MEMORY, INC. (OTCMKTS:VMEMQ) Files An 8-K Bankruptcy or Receivership
|Bankruptcy or Receivership.|
On December14, 2016, Violin Memory, Inc. (the
Company) filed a voluntary petition (the
Bankruptcy Petition) under chapter 11
(Chapter 11) of title 11 of the United States
Code (the Bankruptcy Code) in the United States
Bankruptcy Court for the District of Delaware (the
Court). The Companys Chapter 11 case is being
administered under the caption In re Violin Memory, Inc.
(Case No.16-12782). The Company will continue to operate its
business as a debtor-in-possession under the jurisdiction of the
Court and in accordance with the applicable provisions of the
Bankruptcy Code and orders of the Court.
Triggering Events that Accelerate or Increase a
Direct Financial Obligation or an Obligation Under an
Off-Balance Sheet Arrangement.
The filing of the Bankruptcy Petition described in Item1.03 above
constitutes an event of default that accelerated the Companys
obligations under the Companys 4.25% Convertible Senior Notes due
October1, 2019, issued to the Indenture, dated as of September24,
2014, between the Company and Wilmington Trust, National
Association, as trustee (the Indenture).
The Indenture provides that as a result of the Bankruptcy
Petition, all unpaid principal and interest due thereunder shall
be immediately due and payable. Any efforts to enforce such
payment obligations under the Indenture are automatically stayed
as a result of the Bankruptcy Petition, and the creditors rights
of enforcement in respect of the Indenture are subject to the
applicable provisions of the Bankruptcy Code.
|Item7.01.||Regulation FD Disclosure.|
On December14, the Company issued a press release announcing the
filing of the Bankruptcy Petition described in Item1.03 above. A
copy of the press release is being filed as Exhibit 99.1 to this
Current Report on Form 8-K and is incorporated herein by
The information contained in this Item7.01 is being furnished
under Item7.01 of Current Report on Form 8-K and shall not be
deemed filed for purposes of Section18 of the Securities Exchange
Act of 1934, as amended (the Exchange Act), or
otherwise subject to the liabilities of that section, nor shall
such information and exhibit be incorporated by reference into
any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by reference
in such a filing.
|Item9.01.||Financial Statements and Exhibits.|
Press Release of Violin Memory, Inc. issued on December 14,
About VIOLIN MEMORY, INC. (OTCMKTS:VMEMQ)
Violin Memory, Inc. offers a class of flash-based storage solutions to bring storage performance in line with high-speed applications, servers and networks. The Company’s Flash Storage Platform is designed at each level of the system architecture to leverage the inherent capabilities of flash memory and meet the requirements of business-critical applications, virtualized environments and Big Data in enterprise data centers. The Flash Storage Platform is a vertically integrated design of software, firmware and hardware, which runs the Company’s Concerto OS 7, a single operating system with integrated continuous data protection, in-line block de-duplication and compression, stretch metro cluster and logical unit number (LUN) mirroring, as well as its suite of other Enterprise Data Services. Its products include 7300E Flash Storage Platform, 7600 Flash Storage Platform, 7700 Flash Storage Platform, 6000 Series All Flash Array and Symphony Management Suite Version 3.0.