Mon. Mar 4th, 2024

Content Assessment: Fueling Continued Growth? Veristar Announces Expansion and Restructuring

Information - 85%
Insight - 84%
Relevance - 90%
Objectivity - 84%
Authority - 86%

86%

Good

A short percentage-based assessment of the qualitative benefit of the recent Veristar announcement of its Nashville expansion and corporate restructuring.

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Background Note: Veristar, an eDiscovery and legal staffing provider, has recently made a major expansion into Nashville and is also undergoing a restructuring under Subchapter V of the federal law. This move signifies the company’s determination to efficiently address its acquisition-related obligations and any ongoing litigation. Subchapter V is a section of the Bankruptcy Code (Title 11 of the United States Code) that provides a streamlined process for small business owners to reorganize their debt and get a new start. It is designed to offer a faster and more cost-effective alternative for small businesses to resolve their financial difficulties while allowing them to continue operating their business. Subchapter V applies to small business debtors, defined as those with aggregate non-contingent, liquidated secured and unsecured debts of less than $2,725,625. This section of the Bankruptcy Code provides a simplified process for small business debtors to reorganize their debts and repay creditors over time, without the need for a court-appointed trustee. Subchapter V also provides a number of benefits for small business owners, including a quicker and less expensive process than a traditional Chapter 11 bankruptcy, the ability to retain control of the business, and more flexibility in reorganizing their debts. This option has become increasingly popular in recent years as a way for small business owners to get back on their feet and move forward with their businesses.

Press Announcement (February 7, 2023)

Veristar Announces Expansion and Restructuring to Fuel Continued Growth

Newest office in Nashville will support e-discovery needs of local law firms and corporations.

Veristar, a premier provider of comprehensive e-discovery services and specialized legal staffing for law firms and corporate legal departments, announces its latest geographic expansion and a restructuring to promote improved client service and position the company for future growth.

Nashville Expansion

From its headquarters in Chicago and with a substantial presence in New York and Washington, DC, Veristar has since its inception focused on serving clients nationwide.

“We built Veristar to be an invaluable resource for corporations and law firms located anywhere in the country. But we know that all business is, in a sense, local,” says Veristar CEO Rick Avers.

In selecting Nashville, the company applied the same criteria as with its prior expansions to Cleveland, Charlotte, Atlanta, Houston and Los Angeles. Avers continues, “Nashville is a vibrant, sophisticated city that is home to powerhouse law firms and many great companies in health care, technology, entertainment, financial services and manufacturing. Everyone at Veristar is excited to be a part of the Nashville community.”

In the coming weeks, the company will announce its business development director for Nashville and the Mid-South.

Financial Restructuring

In recent years Veristar has acquired competitors to both grow and expand client offerings. The company is now taking advantage of a financial restructuring option under a federal law known as Subchapter V to efficiently address acquisition-related obligations and litigation. “Subchapter V affords us the opportunity to deal with some of the acquisition overhang in an efficient way,” says Veristar CFO Ben Gardner. “We expect it to take eight weeks with no impact whatsoever on operations or client services.”

About Veristar

Veristar provides comprehensive e-discovery services including data collection, processing and hosting and managed review for law firms and corporate legal departments. Technology is thoroughly vetted to deliver the right solutions, tailored to client needs and delivered with exceptional levels of service. Veristar also offers specialized legal staffing for clients that need experienced attorneys on demand. For more information visit Veristar.tech.

Read the original release.

Additional Reading

Source: ComplexDiscovery

 

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