ESW Capital: BROADVISION, INC. REACHES AGREEMENT WITH SHAREHOLDERS ON PREPACKAGED PLAN TO RESTRUCTURE AND SELL BUSINESS

REDWOOD CITY, Calif., March 27, 2020 (GLOBE NEWSWIRE) -- BroadVision, Inc. ("the Company") today announced that it has entered into a Restructuring Support Agreement (the "RSA") with ESW Capital, LLC, a major shareholder of the Company ("ESW" or the "Plan Sponsor"), and other major shareholders of the Company, including Dr. Pehong Chen and Honu Holdings, LLC (collectively, the "Consenting Shareholders") to restructure the Company. To implement the terms of the RSA, the Company will file, and the Plan Sponsor and the Consenting Shareholders will support, the Company's Prepackaged Plan of Reorganization Under Chapter 11 of the Bankruptcy Code for BroadVision, Inc. (the "Plan").Upon its effective date, the Plan will provide for the full payment of all allowed administrative and legal costs, and secured (if any) and unsecured liabilities (including those of employees and vendors). Additionally, holders of the Company's common stock (other than ESW) are expected to receive $4.375 per common share (assuming no more than 5,142,333 shares are outstanding), ...Full story available on Benzinga.com