Verilink Corporation (NASDAQ: VRLK} offers a suite of products that provide access, multiplexing and transport of voice and data services that extend legacy networks; the company also offers next generation converged access solutions that deliver voice, data and video to business customers. Their solutions are supported by a strong revenue generating professional services team that offers turn-key provisioning, installation, turn-up and ongoing maintenance and support services. By rolling up various legacy and ‘end of life’ hardware companies, Verilink management expanded its business model. This expansion required a great deal of additional capital that was acquired by leveraging its acquisitions and incurring debt. Due to heavy debt service, the company experienced significant losses.
GGG assumed the role of Chief Executive Officer following the Board’s assessment with management and election to file for protection under Chapter 11 of the U.S. Bankruptcy Code. In this role, GGG implemented the sale of certain companies, product lines, and R&D through a ‘363’ auction sale and confirmed a Plan of Reorganization.
Strategic assets of Verilink were purchased by Verso Technologies with a majority of employees and manufacturing operations surviving.