Spyrus Files Chapter 11 Case, Seeking Approval of Prepackaged Plan

Posted on March 12, 2008 by MorrisJames Delaware

Spyrus Inc. and two subsidiaries - Terisa Systems Inc. and Blue Money Software Inc. - sought Chapter 11 protection Monday in the United States Bankruptcy Court for the District of Delaware.  Spyrus develops and sells software and other products for the electronic information security market.

The debtors are proposing DIP financing of $2 million to be obtained from John Miller, a current investor in the debtors, in exchange for a corresponding equity interest in the reorganized debtors.  The debtors are requesting that the Court set a hearing to approve a pre-packaged plan of reorganization.

The Honorable Christopher S. Sontchi has scheduled a hearing on the debtors' first day motions for today, Wednesday, March 12, 2008, at noon at the United States Bankruptcy Court in Wilmington, Delaware.

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