Solavei Files Chapter 11
Solavei will operate normally during the reorganization process, with all services continuing uninterrupted and member compensation paid according to regular schedules. The company filed its voluntary petition in the U.S. Bankruptcy Court for the Western District of Washington with the intent of restructuring debt in line with operating income and more accurately align costs and infrastructure needs.
'We believe the actions taken today will give Solavei the flexibility it needs to better serve our significant member base in a high growth and rapidly changing market,' said Solavei CEO Ryan Wuerch. 'Solavei members and employees will notice no changes in service or operations as we work with our vendors and investors to refine the social commerce platform and model we pioneered. Solavei will emerge from this process equipped to continue our growth with strong operations, a better cost structure, and opportunity for our members.'
Related News
-
Solavei Completes Merger
SEATTLE, Aug. 3, 2015 -- Solavei, the industry-leading social commerce network that provides mobile service to its members, announced today that it has completed its merger with ASPIDER, a Netherlands-based company that provides core mobile infrastructure and services to more than 70 mobile service ... Read More...Solavei Announces Merger with ASPIDER
Social commerce network and mobile service provider Solavei filed its plan of reorganization and announced it will merge with industry leader ASPIDER, a Netherlands-based company that has provided core mobile infrastructure and services to over 100 mobile service providers and millions of subscriber... Read More...Solavei Files Plan of Reorganization and Announces Merger
SEATTLE - (March 09, 2015) - Social commerce network and mobile service provider Solavei filed its plan of reorganization today and announced it will merge with industry leader ASPIDER, a Netherlands-based company that has provided core mobile infrastructure and services to over 100 mobile service p... Read More...Solavei: Court Approves Injunction Against Stream in Trade Secrets Lawsuit
DALLAS, Jan. 23, 2015 -- A Dallas District Court judge today blocked Stream Energy from using proprietary technology and information to launch a new mobile phone service after social commerce leader Solavei sued Stream for stealing trade secrets gathered during extensive merger talks.Seattle... Read More...
