Storcentric Filed for Chapter XI

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Storcentric to Run Sale Process to ‘Capitalize on Continued Growth’ in Data Storage and Security Markets; Case to be Funded With $5 Million Priming Third Party DIP
Storcentric Inc., a Sunnyvale, CA-based developer of software and security systems designed to mitigate cybersecurity threats to ensure data is not compromised, filed for chapter 11 protection on Monday, June 20 in the Bankruptcy Court for the Northern District of California, seeking to run a sale process. The case would be funded by $5 million of priming DIP financing from third party Serene Investment Management LLC, to “provide an opportunity to consummate a going concern sale of the Debtors and for the Debtors to confirm a plan of reorganization.” The DIP financing is conditioned on the filing of a bid procedures motion by July 11 and sale consummation by September 9. The first day hearing has been scheduled for June 22.