EG Solutions reassures investors over Aspect concerns

10th Mar 2016 15:38

(ShareCast News) - The board of software firm EG Solutions was working to reassure investors on Thursday, after one of its shareholders and commercial partners filed for bankruptcy protection.It was announced on Wednesday in the US that Aspect Software had filed for protection in the District of Delaware in Wilmington. Under the terms, Aspect was seeking to restructure its debt as well as make a $60m rights offering of first-lien debt.General unsecured creditors were to be paid in full in cash, though existing debt and equity lines were to be compromised."EG has an existing strategic partnership and reseller agreement with Aspect dating back to February 2013. Aspect also owns a 9.5% equity interest in EG and has a representative on the EG board," the company's board confirmed in a statement.The EG board said it would assess the impact on its relationship with Aspect, though at this stage it was unlikely to have any impact on the group's earnings outlook.A date for the hearing of the bankruptcy petition was yet to be set, though it was understood Aspect wanted to complete the restructuring process within 105 days.