Solavei Files Chapter 11
6/18/2014
SEATTLE (June 11, 2014) – Social commerce network leader Solavei, which rewards members for socially recommending mobile phone service for their friends and family, today announced a financial restructuring facilitated by the filing of a voluntary Chapter 11 petition to better position the company for continued growth and expansion.
Solavei will operate normally during the reorganization process, with all services continuing uninterrupted and member compensation paid according to regular schedules. The company filed its voluntary petition in the U.S. Bankruptcy Court for the Western District of Washington with the intent of restructuring debt in line with operating income and more accurately align costs and infrastructure needs.
“We believe the actions taken today will give Solavei the flexibility it needs to better serve our significant member base in a high growth and rapidly changing market,” said Solavei CEO Ryan Wuerch. “Solavei members and employees will notice no changes in service or operations as we work with our vendors and investors to refine the social commerce platform and model we pioneered. Solavei will emerge from this process equipped to continue our growth with strong operations, a better cost structure, and opportunity for our members.”