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Lifesize’s Chapter 11 bankruptcy case converted to Chapter 7
By Sarah Lizee
Olympia, Wash., Nov. 8 – Lifesize Inc.’s Chapter 11 bankruptcy case was converted to Chapter 7 on Tuesday, according to an order filed with the U.S. Bankruptcy Court for the Southern District of Texas.
As previously reported, the company sold most of its assets to Enghouse Systems Ltd. The sale included Lifesize, Kaptivo, ProScheduler, Serenova and Telstrat.
Having completed the sale, only four tasks remained for the debtors to accomplish in Chapter 11, the company said.
These included getting court approval of the final fee applications for all estate professionals and the payment of any unpaid fees and expenses approved by the court’s final orders; making payments to lenders; making severance payments to the debtors’ 15 employees not hired by Enghouse; and rejecting certain contracts.
“The debtors believe that dismissal would be most appropriate under the circumstances, but the [official committee of unsecured creditors] particularly expressed a strong preference for conversion, ostensibly because a conversion would preserve the causes of action,” the company said in the motion seeking conversion.
“Although no party has identified any viable causes of action, the debtors are willing to convert these cases rather than cost the estates the expense of litigating the committee’s likely objection to dismissal.”
The debtors said they hoped to convert the cases immediately after all the above remaining tasks had been completed.
Lifesize is an Austin, Tex.-based provider of video conferencing and omnichannel contact center solutions. The company filed bankruptcy on May 16 under Chapter 11 case number 23-50038.
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