Sheon Karol of The DAK Group Selected to Administer Distribution Trust of Silicon Valley Violin Memory, Inc.
Sheon Karol, a Managing Director of The DAK Group, has been selected by Violin Memory Inc., a Silicon Valley tech company, and the UCC to administer the Distribution Trust with Cory J. Sindelar, the CFO of the Debtor, as Distribution Trustees.
Rochelle Park, NJ, March 14, 2017 – The DAK Group is serving as the financial advisor to the UCC in the Chapter 11 bankruptcy case. As reported by Reuters, “just weeks after warning it risked liquidation without a speedy auction, Violin Memory Inc. said . . . its sale effort has led to a restructuring deal with an affiliate of George Soros’ Quantum Partners” for a sales price of $15 million.
Karol states: “My goal is to conclude a successful Chapter 11 sale process with an efficient wind-down that distributes the proceeds swiftly to the creditors”.
Violin Memory is a developer and supplier of differentiated flash-based data storage systems that service the high-speed applications and complex network infrastructures of sophisticated world-wide enterprises. Violin Memory filed for Chapter 11 protection in the United States Bankruptcy Court for the District of Delaware on December 14, 2016.
About The DAK Group
The DAK Group is a leading investment bank serving mid-market privately held businesses in the areas of mergers and acquisitions, business sale, financial restructuring, bankruptcy, capital advisory, valuations and fairness opinions. Since 1984, The DAK Group has executed hundreds of transactions across a wide range of industries, including food, industrial manufacturing and distribution, telecommunications and technology, business services, packaging, consumer products and healthcare. DAK offers a propriety process that allows clients to maximize the value of their business. The DAK Group is headquartered in Rochelle Park, NJ with offices in New York and Philadelphia. www.dakgroup.com
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