Caliber Files for Chapter 11 in the U.S. Bankruptcy Court
Caliber Learning Network (Nannounced that it has entered into a debtor-in-possession (DIP) facility, in the form of a loan by Sylvan Learning Systems, Inc. to Caliber for purposes of working capital, which is subject to court approval. As stated in its last press release, the company will focus its efforts on supplying software and services for broadband delivery of corporate communications and training as it
“We are committed to providing our Internet customers with high quality,
reliable service as we look to restructure for long-term viability. Today’s
actions provide us with the flexibility to explore all strategic alternatives
including the sale of the Company as a going concern, as well as the viability of a stand-alone reorganization,” stated Glen Marder, Caliber’s interim CEO.
The Company is also working to assist its customers impacted by the closure of the training facilities business, by helping them transition to other classroom delivery alternatives or through conversion to Caliber
Caliber also announced the following changes to its Board. Effective
immediately, the following members have resigned their positions: Douglas Becker, Chris Hoehn-Saric, Robert Burr and Chris Nguyen. Ed Mullen has opted not to renew after his current term expires.